US studio CBS has moved one step closer to getting its deal with embattled broadcaster Ten over the line, with the Foreign Investment Review Board (FIRB) reported to have approved the transaction.
Being a foreign-owned company, CBS was required to have the tick of approval from the FIRB for its acquisition of Ten, and according to The Australian Financial Review’s sources, the deal has been given the all clear by the government body, which was expected.
All CBS needs now to finalise the deal is for the NSW Supreme Court to approve the transfer of Ten’s shares, with a court hearing tentatively approved for Tuesday 31 October. Then it’s on to the Australian Securities and Investments Commission to give its blessing.
The acquisition is now a matter of if, not when, with billionaire media moguls Lachlan Murdoch and Brice Gordon finally giving up on their quest for Ten, with with multiple takeover bids and legal action proving not enough.