Culture

CBS approved for Network Ten takeover

CBS approved for Network Ten takeover”

U.S. media giant CBS's $41 million takeover of the Ten Network can proceed, with a court approving the transfer of all shares in the local network to the American company.

Justice Ashley Black's decision over the transfer of shares to CBS is the final step in the takeover of the embattled broadcaster, which began when the troubled network slipped into voluntary administration on June 16. CBS increased its offer to A$40 million (US$32 million) on the eve of the creditors meeting in September.

Yesterday's ruling ends a months-long battle for Ten Network, which has been on air since 1962 and broadcasts shows such as "I'm a Celebrity".

The deal needs final clearance (widely expected) from the Australian Securities and Investment Commission. That approval could come as early as Wednesday. The move has been opposed by tycoons Lachlan Murdoch and Bruce Gordon.

Murdoch and Gordon and CBS put competing rescue offers on the table.

However, the federal government recently passed controversial legislation permitting ownership of media across several platforms.



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