US broadcaster CBS has agreed to buy the struggling Ten Network, one of Australia’s three commercial channels that was placed in voluntary administration in June after running into financial troubles.
The purchase is still subject to regulatory approval.
The US network giant beat Lachlan Murdoch, son of media mogul Rupert Murdoch, and Bruce Gordon, the largest shareholder of Ten Network, who announced a joint takeover bid in July.
Gordon, through his private company Birketu, currently owns about 15% of Ten’s shares, while Murdoch’s investment vehicle Illyria owns 7.44%. The two businessmen proposed to jointly buy out Ten, taking a 50% share Read full story ›
Source: The Drum
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