Network Ten Creditors Approve CBS Deal

Network Ten Creditors Approve CBS Deal

Network Ten’s creditors have made a decision on who will take over the embattled broadcaster, with US studio CBS pipping billionaire media moguls Lachlan Murdoch and Bruce Gordon at the post.

A statement issued by the receivers and managers of Network Ten – Christopher Hill, Phil Carter and David McEvoy of PPB Advisory – announced that the second meeting of creditors today saw a vote carried in favour CBS to acquire Ten.

“We believe the approval of CBS’s DOCA represents a positive outcome for creditors, and ensures the iconic broadcaster continues on a strong and stable footing under the ownership of one of the world’s largest media organisations,” Hill said.

The full acquisition of Network Ten remains subject to court and Foreign Investment Review Board approval.

The news comes after CBS submitted a new bid to Ten administrator Korda Mentha last night that was higher than its original one of $32 million – a little over the $40 million mark, according to The Australian Financial Review.

CBS’ second bid followed the move by billionaire media moguls Lachlan Murdoch and Bruce Gordon who, through their respective investment companies Illyria and Birketu, submitted an offer for Ten that was $20 million higher than their original bid of $35 million on Friday.

Gordon desperately tried to delay today’s meeting of Ten creditors in the NSW Supreme Court, claiming that both of Korda Metha’s reports were missing vital information needed for creditors to make a proper decision on the broadcaster’s sale to CBS.

However, the application made by Gordon’s WIN Corporation was dismissed yesterday morning in court.




Please login with linkedin to comment

CBS Network Ten

Latest News

Revium Snags Peter Bauld From Deloitte Digital
  • Advertising

Revium Snags Peter Bauld From Deloitte Digital

Revium, a leading full-service digital and AI consultancy, has announced the appointment of Peter Bauld (lead image) as Executive General Manager. Revium is a full-service digital and AI consultancy with over 20 years of experience creating engaging digital experiences for leading organisations and their customers. Bauld joins Revium after an illustrious career spanning over two […]

Veridooh Snatches Prashand Menon From ScentreGroup
  • Advertising

Veridooh Snatches Prashand Menon From ScentreGroup

Out-of-home OOH) and digital media leader Prashand Menon (lead image) has joined OOH ad tech company Veridooh as group business director within NSW and QLD. Menon joins Veridooh from his most recent role as ScentreGroup’s group business director and brings with him more than 10 years of experience in Australian media. Previously, he held positions […]

Kat & Co Transforms Into THE WORLD OF Experiential Agency
  • Advertising

Kat & Co Transforms Into THE WORLD OF Experiential Agency

After more than twelve years of producing experiences for some of the world’s most innovative brands, including Hermes, Van Cleef & Arpels, Louis Vuitton, and Tiffany & Co, Kat & Co has quietly metamorphosed into THE WORLD OF. THE WORLD OF is an experiential agency at the juncture of culture, technology and the human condition. […]

SMG Studio Launches Risk: Global Domination X Dune Part Two
  • Campaigns

SMG Studio Launches Risk: Global Domination X Dune Part Two

Through a licensing agreement with Legendary Entertainment, SMG Studio inked the rights to adapt Dune: Part Two into a game based on Risk: Global Domination, Hasbro’s interactive board game. Inspired by Denis Villeneuve’s cinematic masterpiece, Dune: Part Two, this new digital adaptation, RISK: Global Domination X Dune: Part Two, is poised to captivate players from […]

QMS: Taylor Swift, Lunar New Year & Mardi Gras Were Boon For OOH Market
  • Marketing

QMS: Taylor Swift, Lunar New Year & Mardi Gras Were Boon For OOH Market

Taylor Swift, Lunar New Year and the Sydney Gay and Lesbian Mardi Gras Festival have had a dramatic impact on the number of people moving in and around Sydney over the past month, drawing big crowds into the heart of the city and its surrounding suburbs. New data from digital outdoor company QMS reveals a […]