The CBS Corporation has won its bid to acquire Australia’s free-to-air commercial TV broadcaster Network Ten.
The announcement comes after a competing bid from Fox co-executive chairman Lachlan Murdoch and businessmen Bruce Gordon was made late last week. Following a creditors’ meeting, it was decided that CBS would acquire the broadcaster.
“CBS is pleased by the overwhelming support from the creditors and employees this morning. We look forward to completing this transaction and working with the terrific team at Ten to build and expand upon the great legacy of the Network in Australia,” said CBS, in a statement provided to realscreen.
In late August, CBS entered into a binding agreement to acquire the broadcaster — a deal that includes the linear channel Ten, as well as digital terrestrial television (DTT) channel Eleven, which CBS already owns a 33% stake in. It also includes the DTT channel One and Network Ten’s digital platform Tenplay.
According to reports, creditors of the broadcaster’s holdings voted in favor of the bid from CBS and agreed to a US$167 million buyout on Tuesday. The sale is subject to approval by the Foreign Investment Review Board.
In June, Network Ten was placed in voluntary administration when it failed to secure a financing model, following Murdoch and Gordon’s decision to not extend or increase financial support for the broadcaster.