Australian broadcaster Seven West Media reportedly held talks with ViacomCBS about merging with Network Ten, but the discussions failed to bear fruit. According to the Sydney Morning Herald, Seven chairman Kerry Stokes approached the US media giant over a potential sale which would alter the face of Australian TV and reduce the number of TV […]
CBS Networks has completed its acquisition of Australian commercial broadcaster Network Ten. 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 […]
US broadcaster CBS is to acquire Australia’s Network Ten after agreeing to convert large debts Ten owed into an equity stake. The deal was announced yesterday to a positive response among many Australian producers, with Screen Producers Australia CEO, Matthew Deaner, commenting that CBS’s move “demonstrates that despite significant pressures, our market remains robust and competitive”. “It […]
CBS Studios International (CBSSI) is reportedly claiming A$843 million (€562 million) in debts from troubled Australian channel Network Ten. Various reports claim the international sales arm of US broadcaster CBS is the largest creditor of Ten, which is currently in administration. CBSSI has made the claim to Ten’s administrators, which are currently looking at either […]
Australia’s Network Ten has secured its immediate future after key shareholders agreed to fund an A$30 million (€20 million) loan. The funding package is available until August 31 and comes ahead of either a company sale or a recapitalisation process. Lachlan Murdoch, Bruce Gordon and James Packer agreed to support the package, which buys Ten […]
Australian commercial broadcaster Network Ten has appointed voluntary administrators after its financial backing collapsed. Administrator KordaMentha has been brought in to undertake a financial assessment of the situation, with a sale or recapitalisation process options on the table. “This decision follows correspondence received from Illyria and Birketu over the weekend, which left the Directors with […]
Australian commercial broadcaster Network Ten is facing receivership after major backers Lachlan Murdoch and Bruce Gordon pulled their backing. Ten has ceased trading shares after a letter to the Australian Securities Exchange (ASX) revealed Murdoch’s Illyria and Gordon’s Birketu would stop financing the network on December. Ten has a number of expensive output contracts in […]
Discovery Communications has pulled out of talks to buy Australian commercial channel Network Ten, according to the Australian Financial Review. Discovery had partnered with Australian pay TV platform Foxtel to buy the for-sale broadcaster, whose financial situation is precarious as things stand. Discovery would have held 85.01%, with Foxtel taking just under 15%. However, the AFR reported that […]
Network Ten in Australia has confirmed it has received “non-binding, conditional proposals” relating to a company takeover – likely including one from Discovery Communications and Foxtel. One of these could result in “change of control of Ten or a refinancing of its existing debt facilities”, the firm said in a note to the Australian Stock […]
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