CBS Networks has completed its acquisition of Australian commercial broadcaster Network Ten.
Les Moonves
The deal puts the US media giant in control of core linear channel Ten, as well as digital terrestrial television (DT) channel Eleven, which CBS already had a stake in.
Other Network Ten assets covered by the transaction are the DTT channel One and Network Ten’s digital platform, Tenplay.
“The closing of this acquisition marks the beginning of an exciting opportunity to build and expand on our close working relationship and the great legacy of Network Ten in Australia, and to paving the way for further multiplatform distribution opportunities for CBS content,” said Leslie Moonves, chairman and CEO, CBS Corporation.
“I believe our ownership helps ensure that Network Ten’s business will grow long-term, while also benefiting the Australian Media sector as a whole. We look forward to welcoming Ten and its employees to the CBS family.”
The news comes after CBS received the greenlight from Australia’s Foreign Investment Review Board (FIRB) in October. The FIRB had no issue with the deal, which was formulated after it emerged CBS was Network Ten’s largest debtor.
CBS effectively decided to turn those shares into an ownership stake, a proposal that won the backing of Ten staff who were promised investment and job security once CBS was in charge.
CBS agreed to pay Ten’s unsecured creditors A$40.6 million (US$31.7 million) after the company entered voluntary administration in June.
