SYDNEY, May 8 (Reuters) - Shares in Australia’s Ten Network Holdings jumped as much as 48 percent on Monday amid a broad surge in media stocks at the first trading session since the federal government proposed scrapping media ownership restrictions.
The lifting of restrictions is expected to ignite a round of merger and acquisitions in the media sector. The ailing Ten Network, the nation’s third-largest free-to-air broadcaster, is a prime target since a poor result sent stocks tumbling late last month.
The stock rose 48 percent early on Monday, before settling around A$0.27 ($0.20), while the broader S&P/ASX 200 index gained 0.45 percent.
$1 = 1.3528 Australian dollars Reporting by Tom Westbrook; Editing by Miral Fahmy