CBS To Purchase Network Ten

CBS To Purchase Network Ten
SHARE
THIS



The receivers and managers (Christopher Hill, Phil Carter and David McEvoy of of PPB Advisory) and the voluntary administrators (Mark Korda, Jarrod Villani and Jenny Nettleton of KordaMentha Restructuring) of Ten Network Holdings Limited have announced that wholly owned entities of the New York Stock Exchange-listed CBS Corporation have entered into a binding transaction document to acquire the business and assets of Network Ten.

CBS Corporation is currently a key content provider to Ten and operates businesses which span the media and entertainment industries, including the CBS Television Network, cable networks, content production and distribution, TV stations, internet-based businesses, and consumer publishing.

CBS Corporation is listed on the New York Stock Exchange, and has a current market capitalisation of US$28 billion.

The transaction contemplates an acquisition of Network Ten by CBS, which will be effected by way of a refinance of existing secured debt arrangements (including shareholder guarantor fees) in full and a deed of company arrangement that will be put to creditors at the second creditors meeting.

Further details on the expected return to creditors and timing of the second creditors meeting will be provided by the voluntary administrators in their report to creditors, to be released in the coming days.

The decision to enter an exclusive transaction deed with CBS followed a rigorous sales process run in conjunction with independent adviser, Moelis Australia Advisory.

Network Ten receiver and manager, and PPB Advisory partner, Christopher Hill, said: “Network Ten has played a significant role in Australia’s media landscape over many decades, and the sale of the business to CBS will allow the iconic broadcaster to move into a new chapter on a strong and stable footing.

Administrator Jarrod Villani of KordaMentha Restructuring said: “The receivers and administrators will work closely together to ensure that operations continue uninterrupted while the transaction is finalised.

“As part of the agreement to purchase the Network Ten business, CBS will provide immediate financial support to ensure continuity of operations ahead of the upcoming meeting of creditors.”

Armando Nunez, president and CEO of CBS Studios International, said, “CBS recognises the significance of Ten in the Australian broadcasting community.

“We are committed to the efficient, reliable and successful turnaround, operation and development of Ten to support continued growth in Australian media”.

Paul Anderson, CEO of Ten, said: “CBS and Ten have had a strong relationship for a number of years. We are very excited about further developing that relationship with CBS as an owner and strength that they will provide to the company at this critical time”.

The acquisition is somewhat a surprising one, with the joint takeover bid by Lachlan Murdoch and Bruce Gordon originally tipped as the likely suitor for Ten, which was only approved on Thursday by the ACCC.

Latest News

The Best Time Of The Day To Check Your Emails
  • Opinion

The Best Time Of The Day To Check Your Emails

Bombarded by too many emails? Are the the little buggers taking up more of your time than they effectively should? Well, let Inventium founder and B&T regular Dr Amantha Imber (pictured below) pass on her sage words on tackling your electronic mail avalanche… I have a confession to make. I love checking email. I love how productive I feel smashing through […]

Opinion

by B&T Magazine

B&T Magazine
Culture As A Competitive Advantage
  • Opinion

Culture As A Competitive Advantage

Emma Bannister (pictured below) is founder and CEO of Presentation Studio, APAC’s largest presentation communication agency and author of the book Visual Thinking: How to transform the way you think, communicate and influence with presentations. In her latest B&T post, Bannister says a good office culture brings a myriad of advantages you probably have not even […]

Opinion

by B&T Magazine

B&T Magazine
M&C Saatchi’s This. Film Studio Announces Nat Geo Doco Series On Rhino Conservation 
  • Campaigns

M&C Saatchi’s This. Film Studio Announces Nat Geo Doco Series On Rhino Conservation 

M&C Saatchi Group’s film and television production studio THIS. has revealed its first major project, a two-part documentary series in partnership with National Geographic, Cisco Systems, Canon Australia and Land Rover South Africa. The documentary series, hosted by cricket legend Kevin Pietersen and outback wrangler Matt Wright with conservationist and Canon Australia Photographer, Julia Wheeler, […]

Ovarian Cancer Australia Appoints 10 Feet Tall As Its Integrated Agency Partner
  • Media

Ovarian Cancer Australia Appoints 10 Feet Tall As Its Integrated Agency Partner

Following a competitive pitch process, 10 feet tall is standing proud as the newly appointed agency for Ovarian Cancer Australia (OCA). The agency’s response to a complex brief included a strong multifaceted brand platform that spans all media and includes mainstream media working in conjunction with fundraisers and activations for the charity throughout the calendar […]

Edge Adds BASF Seeds To Client Stable
  • Advertising
  • Media

Edge Adds BASF Seeds To Client Stable

Independent agency Edge has announced its Melbourne office has been appointed to deliver integrated services for agricultural brand BASF Seeds, following a competitive pitch. Edge’s remit spans strategy, creative, advertising, digital and media for BASF Seeds, its InVigor products and its MySeed platform. Dan King, managing director of Edge Melbourne, said the agency was delighted […]

Cropped shot of two men working together with laptop and notepad in a minimalistic workplace enviroment with desklamp and plant
  • Media

Applications Open For 2018 Copy School

Applications have opened for the 2018 Copy School in Sydney, sponsored by NewsMediaWorks, with another world-class line-up of guest creative tutors. Copy School is designed to encourage the best quality copywriting across all channels and engages some of Australia’s leading advertising creative directors and copywriters, as well as news media executives, to pass on their […]