How do you feel about News Corp co-chairman Lachlan Murdoch being part-owner of a reincarnated Ten television network?

Actually the question the Australian Competition and Consumer Commission has been approached to assess is whether a joint bid for the Ten Network - which is currently in administration - by Murdoch and Win TV owner Bruce Gordon - "would be likely to substantially reduce competition".

Ten Network Holdings went into administration after Murdoch, Gordon and James Packer made it clear that they wouldn't be renewing their guarantees of a loan facility which didn't expire until Christmas, but have since come up with a temporary arrangement "to keep Ten on air".

A likely outcome is a phoenix-like renewal in which the assets of Ten are acquired by Murdoch and Gordon's investment vehicles, Illyria and Birketu, "conditional on changes to cross-media ownership rules, given their other media interests".

The ACCC says is inviting submissions by July 24 July, with a market inquiries letter to be uploaded "in due course".

August 24 has been set as the provisional date for announcement of ACCC's decision, which it says, "may be a final decision or release of a Statement of Issues".

Meanwhile, a media reform bill failed to make the government's pre-recess priorities, and discussion continues about the form in which it might succeed.

One stopping points is the opposition of Pauline Hanson's One Nation party to the abolition of the "two out of three" rule which predates the internet but still limits the ability of media giants such as News from expanding their audience reach.