Economy

CBS Corporation to Acquire Ten

CBS Corporation to Acquire Ten”

While Channel Ten has TenPlay, CBS All Access has a far greater list of supported devices including Apple TV, Android, Google Chromecast, iOS, Roku, PS4, Xbox and Windows 10.

SYDNEY-American media company CBS Corp. plans to acquire Australian broadcaster Ten Network Holdings Ltd., beating out an attempt from Australian media moguls Bruce Gordon and Lachlan Murdoch to buy the company after it went into receivership.

CBS Studios International president and CEO, Armando Nuñez, said Network Ten and CBS have enjoyed a close working relationship for almost two decades.

CBS Corporation chairman and chief executive Leslie Moonves said CBS, which has a current market capitalisation of $US28 billion ($A35 billion), was confident it would be able to use its market expertise to grow Ten.

Armando Nunez, president and chief executive of CBS Studios International, said CBS recognized the significance of Ten to Australian broadcasting. It didn't include specific financial terms but said the deal would be implemented through refinancing existing secured debt arrangements.

"CBS will continue to provide Network Ten with access to the very best in USA content".

The transaction is subject to Foreign Investment Review Board approval and the compulsory transfer of shares in Ten to CBS, which will require approval from the Australian Securities and Investment Commission.

PPB Advisory was appointed receivers and managers to Network Ten on 1 July 2017 following the appointment of KordaMentha as voluntary administrators by directors on 14 June, and has been working to sell Network Ten as a going concern, via a recapitalisation of the business, through a competitive tender program.

CBS submitted an $843 million claim during the administration process, believed to be the balance that Ten owed it for a programming rights contract.

CBS said it would also launch its digital on-demand service CBS All Access in the Australian market. This will be followed by the roll out of the service in Canada next year.



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