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.

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