The Supreme Court of NSW has tentatively approved a court hearing on the proposed transfer of the network’s shares for Tuesday 31 October.
Ten’s administrator, KordaMentha, is expected to issue an independent expert report to shareholders and the market by Tuesday 10 October, according to Fairfax.
The TV network’s shareholders will then have just three days to decide whether or not they want to object to the court’s approval of CBS’ takeover bid.
KordaMentha’s barrister, Tiffany Wong, told the court on Wednesday that the urgent hearing was needed because Ten was struggling to finalising arrangements with content providers and advertisers while in administration.
The lawyers for KordaMentha also told the court that billionarie media moguls Lachlan Murdoch and Bruce Gordon are waiting for the independent expert report to be issued before deciding whether or not they will try one last time to block the sale of Ten to CBS, according to Fairfax.