Wow!
http://tvtonight.com.au/2017/08/cbs-buys-network-ten.html
BREAKING NEWS: Lachlan Murdoch and Bruce Gordon will not be getting their hands on TEN with shock news that administrators have agreed to a deal with CBS.
The deal includes TEN, ELEVEN, ONE and tenplay and also signals plans for CBS All Access to launch as a streaming platform in Australia.
The transaction is subject to approval of the creditors at the second meeting of creditors, likely on Friday 8th September.
It is estimated that the transaction will take between six and eight weeks to complete with CBS Studios refinancing the current financing facilities of TEN – including immediate financial support to ensure continuity of operations.
The transaction will be subject to regulatory approvals with statutory processes to take place.
“Network TEN is a prime broadcasting asset with over half a century of experience and brand equity in Australia,” said Leslie Moonves, Chairman and CEO, CBS Corporation. “We have been able to acquire it at a valuation that gives us confidence we will grow this asset by applying our programming expertise in a market with which we are already familiar.”
“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.”
Paul Anderson, CEO of TEN, said, “CBS and TEN have had a strong relationship for a number of years; we are very excited about further developing that relationship.”
(it goes on)
