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.



Like this

loading...
loading...

Latest


12 September 2017
Hurricane Irma Might Cause Massive Power Loss in Florida
At one point, a hurricane-force gust at Port Everglades in Broward was recorded at 86 miles per hour . He said that more shelters would be opened on Saturday.

12 September 2017
Five Former Presidents Team Up To Raise Money For Hurricane Relief
President Trump has however commended and endorsed the actions of his predecessors in a tweet in the early hours of Friday. The appeal will also be expanded to include Hurricane Irma now approaching the mainland United States.

12 September 2017
Winston Reid high boot on Steve Mounie: Red card debate goes on
The 21-cap global wore the captain's armband as West Ham United scored two second half goals to beat Huddersfield Town 2-0 to record their first win of the English Premier League season on Tuesday morning (NZT).

12 September 2017
Your enemy is our enemy too, Najib tells Trump
He said this at a gathering with Malaysian students and Malaysians living in the United States, at the Malaysian Embassy here. Najib, who has boasted about golfing with Trump, is less likely to hear about human rights issues from the Republican.

12 September 2017
Wood heaps more misery on dead man walking de Boer
A convincing win could see them climb seven places up the table, and the poor form of Palace will give them hope of achieving it. The visitors dominated after the restart, but for all the play they had in Burnley's half there were few clear chances created.

12 September 2017
Camden Property Trust (CPT) Reaches 52-Week High
Candriam Luxembourg S.C.A. acquired a new stake in shares of Camden Property Trust during the 2nd quarter worth about $1,514,000. Rafferty Asset Management Ltd Limited Liability Company has invested 0.02% of its portfolio in Camden Property Trust (NYSE:CPT).

12 September 2017
Lookout for Price Target? Western Digital Corporation (WDC), Corning Incorporated (GLW)
Honkamp Krueger Financial Services boosted its holdings in Western Digital Corporation by 0.5% through out the Fiscal Q2. KeyCorp reiterated a hold rating on shares of Western Digital Corporation in a research note on Sunday, August 27th.

12 September 2017
Sheriff apologizes for meme on Facebook page
As soon as it was discovered, the post was taken down, Chelan County Sheriff Brian Burnett said. The Chelan County Emergency Management Office is under scrutiny today for a social media post.

12 September 2017
Nougat for Samsung Galaxy A5(2017) and A7 (2017) arrives in India
Almost 1.5 lakh people have registered on Amazon, with 72,000 pre-booking on the very first day, according to an IANS report. The Galaxy Note 8 has been garnering a lot of interest among the consumers in India.

12 September 2017
QB Falk will start for Washington State versus Oregon State
Peyton Pelleur leads Wazzu with 19 tackles, one pass breakup and one interception that he returned 36 yards for a touchdown. The Cougars (2-0) host the Beavers (1-2) in what will be the Pac-12 opener for both schools.