It looks as though the Network Ten Christmas party is back on after its administrators confirmed that the sale of the embattled network to CBS had been completed.
Yesterday afternoon the network’s administrators, KordaMentha, advised the sharemarket that the sale had been finalised.
The sale had been delayed after a group of disaffected shareholders had tried to stop CBS’ move in The Supreme Court of NSW, however, their complaints were dismissed.
Last week, Ten hosted its 2018 Upfronts that included plans for a number of new and international programs and an expansion of its digital platforms. Read more about the Upfronts here.
In a statement, CBS’ CEO, Leslie Moonves, said of the sale: “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 multi-platform distribution opportunities for CBS content.
“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.”
CBS acquisition of Ten means the US behemoth has acquired Ten’s entertainment and news assets across free-to-air television, as well as its online and digital platforms, plus its catch-up services ONE and ELEVEN and tenplay.