The deal will allow CBS to “expand on our close working relationship” and pave the way for “further multiplatform distribution opportunities for CBS content,” says CEO Leslie Moonves.
In its first major international acquisition, the U.S. giant stunned the Fox mogul with a deal that gives the Leslie Moonves-led company a foothold in the fourth-largest English-speaking market.
Australia’s Ten Network shareholders voted Monday to accept a bid from CBS Corp. The “overwhelming” vote in favor of the bid was a loss for Lachlan Murdoch and Bruce Gordon, who had lost a court decision earlier that day to delay the creditors’ meeting.
Lachlan Murdoch and Bruce Gordon have failed in their legal bid to block CBS Corp. from taking over the insolvent Ten Network. The two had argued that their own bid wasn’t properly considered, but the Supreme Court in New South Wales dismissed the challenge. Murdoch and Gordon have said they’ll appeal the decision.
Rupert Murdoch’s 21st Century Fox joined a court challenge on Tuesday against rival CBS Corp.’s proposed buyout of struggling Australian television broadcaster Ten Network Holdings Ltd.
Exclusives
CBS will pay at least $162 million in cash to buy Australian broadcaster Ten Network Holdings, according to documents released today by Ten’s administrator. CBS announced the deal last month without disclosing a price.
CBS said it plans to use the takeover of Ten Network to launch its subscription streaming service CBS All Access in the Australian market.
Discovery Communications is weighing up a joint bid for the struggling Ten Network Holdings with local pay TV monopoly Foxtel. Sources close to the negotiations confirmed Discovery is considering a joint bid that would give Foxtel a 14.9% stake in the third-ranked commercial broadcaster.
