Economy

CBS paying $162mln for Ten Network

CBS paying $162mln for Ten Network”

21st Century Fox, owned by Rupert Murdoch, has joined challengers to block the acquisition and takeover of Channel Ten by rival United States media giant CBS. The youth-focused broadcaster with a national reach and strong brand became a tempting target as its market capitalisation plunged to just A$58 million in June, when it was placed in administration under a mountain of debt.

Murdoch joins his son Lachlan and fellow media owner Bruce Gordon, who launched legal proceedings earlier in the month after CBS swooped in to offer to buy the network with a rival bid.

CBS Corp will pay at least A$201.1 million ($162 million) in cash to buy Australian broadcaster Ten Network Holdings, according to documents released on Monday by Ten´s administrator.

Mr Gordon's investment vehicle Birketu and regional Ten affiliate WIN - which he also controls - will seek court orders to remove CBS from any creditor vote on the troubled network's takeover.

After New South Wales state Supreme Court Judge Ashley Black agreed to let Twenty-First Century Fox join Gordon's action, a lawyer for the USA company said the terms of the CBS offer were unfair.

"They are getting 100 cents in the dollar and we seem to be getting 1.75 cents in the dollar", lawyer Ian Pike told the court.

But Murdoch and Gordon's lawyer Andrew Bell SC told the court his clients were actually the highest bidders, putting 10 per cent more on offer than CBS.



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