US broadcaster CBS has finally been given the green light to proceed in its takeover of Network Ten, with the Supreme Court of NSW approving the transfer of all of Ten’s shares.
The court approval was the only box that CBS had to tick to secure Ten, after being given the all clear by the Foreign Investment Review Board last month.
The court hearing kicked off last Tuesday, and got off to a slow start due to three of Ten’s shareholders, who challenged an independent experts’ report issued by KMPG last month that determined their shares in the free-to-air broadcaster were worthless.
Ten’s administrator, KordaMentha, then prepared a supplementary report for the three shareholders to run their eyes over.
In handing down his decision today, Justice Ashley Black said there was no unfair prejudice to come from the transfer of Ten’s shares to CBS.
All that’s left now is for the Australian Securities and Investments Commission to give the Ten-CBS deal its tick of approval.