CBS BUYS CHANNEL TEN NETWORK
CBS’s acquisition of the ailing Ten Network will give Australian’s a new pay-to-view streaming service. The US broadcaster has sealed a binding deal with administrators KordaMentha and receivers PPB Advisory, to buy the Ten network.
CBS will refinance Ten’s current debt to banks and billionaires, Lachlan Murdoch and James Packer, but the deal leaves ordinary shareholders without a cent.
CBS and Channel Ten have enjoyed a solid working relationship for about twenty years with the US company supplying the channel with American content.
Leslie Moonves, Chairman and Chief Executive of CBS Corporation, was reported as saying:
Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia,
CBS will start priming Ten with capital but is also claiming $843 million it says is owed for programmes already supplied to the network.
CBS plans to roll out its CBS All Access pay to view video on demand service in Australia. The servicer will compete head on with Foxtel.
The service has rights to stream a selection of American National Football League (NFL) games, major golf tournaments as well as college basketball and football games.
Ten went into voluntary liquidation in June when its largest shareholders would not guarantee a new $250 million loan.
CBS is reported as saying it will continue to support Australian news, drama, reality and sports programming on Ten.
Christopher Hill, network Ten receiver and PPB Advisory partner is reported as saying the sale of Ten to CBS allows the network to move ahead with a new solid base.
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