The CBS Corporation has entered into a binding agreement to acquire Australia’s free-to-air commercial TV broadcaster Network Ten.
This deal includes the core 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.
The transaction will be completed via Australia’s voluntary administration process and subject to regulatory approvals.
The acquisition follows the launch of CBS All Access, the company’s digital subscription VOD service in the Australian market. CBS recently announced the service would be made available in Canada next year.
In June, Network Ten was placed in voluntary administration when it failed to secure a financing model, following investment company Illyria and Bruce Gordon’s Birketu decision to not extend or increase their AUS$250 million (US$188 million) support for the broadcaster’s credit facilities beyond the term, which expires in December 2017.
“Network Ten and CBS have enjoyed a close working relationship for nearly two decades, and now CBS will continue to provide Network Ten with access to the very best in U.S. content. We also look forward to working with the outstanding team at Network Ten to enhance and expand on its great legacy of Australian news, drama, reality and sports programming,” said Armando Nuñez, president and CEO, CBS Studios International. “This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multi-platform distribution and growth.”