In 2010, Packer purchased an 18% stake in Network Ten, quickly offloading half to Murdoch. Both Packer and Murdoch joined the Ten board. In February 2011, Murdoch was appointed acting CEO of Ten Network Holdings after the company's board terminated the contract of CEO Grant Blackley. The following month Packer unexpectedly resigned from the board. In February 2012, the Ten board appointed Murdoch non-executive chairman of Ten Network Holdings. Although Ten was already in some financial difficulties before Murdoch became CEO, by late 2012, on paper Illyria had lost A$110 million of the original A$150 million invested since 2010. The share price had fallen by about 80% and network profits had dropped by over half. In an attempt to control costs, Ten had reduced employment numbers by 160 people, and the problems were mainly attributed to falling advertising revenues and restructuring at the network. Ten purchased, at three times its original cost, the Australian rights for MasterChef from the Australian subsidiary of the Shine Group, itself a subsidiary of the News Corp–owned 21st Century Fox. On 14 June 2017, Ten went into voluntary administration after Murdoch and fellow shareholder Bruce Gordon declined to extend the company’s credit facility. Two bids were received for Ten; one from Murdoch and Gordon and one from CBS Corporation - Ten's largest creditor. The CBS bid was preferred by both the administrators and creditors. CBS's successful bid meant Murdoch lost his entire investment in the network.