CBS completes acquisition of Ten Network

CBS Corporation has completed its acquisition of Ten Network, the companies have announced today.

The news comes five months after Ten went into administration following the withdrawal of financial support by interests controlled by WIN owner Bruce Gordon, Lachlan Murdoch and James Packer.

The company reported a $232.2m loss reported in its half-year results in April and at the time of administrators being appointed, CBS was among Ten’s largest creditors, putting in a debt claim for more than $800m.

CBS announced in September it would buy Network Ten – an acquisition which includes Ten, One, digital platform TenPlay and the Eleven free to air channel which was already a joint venture between the two companies.

It proved difficult for the global media company to complete the acquisition, despite endorsement from Ten’s liquidators, Korda Mentha and the network’s creditors.

Following CBS’ proposal, Murdoch and Gordon submitted a competing bid through their holding companies Illyria and Birketu, which the media tycoons argued was more favourable to creditors and the former shareholders.

While Murdoch and Gordon lost in the courts, three dissident shareholders Yufeng Du, David Gubbay and Chun Leung started proceedings to stop the the sale going ahead, but the NSW Supreme Court rejected their claims last week.

Today, Leslie Moonves, chairman and CEO of CBS said the ownership will ensure Network Ten’s business will grow “long-term”, and would benefit the Australian media industry as a whole.

“The closing of this acquisition marks the beginning of an exciting opportunity to build and expand on our close working relationship and the great legacy of Network Ten in Australia, and to paving the way for further multiplatform distribution opportunities for CBS content,” Moonves said.

Ten’s CEO Paul Anderson said the company was delighted the purchase had been finalised.

“CBS and Ten have had a strong relationship for many years. We look forward to expanding and strengthening that relationship, and working closely with CBS to build Ten’s presence in the Australian media industry,” Anderson said.


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