Ten was placed into voluntary administration in June. The take-over news by CBS comes after billionaires and shareholders Lachlan Murdoch and Bruce Gordon had appeared poised to buy Ten after getting clearance from the Australian competition regulator last week.
The CBS acquisition was announced today by CBS chairman and CEO Leslie Moonves. This transaction adds Network Ten to CBS Corporation’s global content and distribution portfolios. In addition to core linear channel Ten, the deal includes DTT Eleven, which CBS already owns a 33% stake, the DTT channel One and Network Ten’s digital platform, Tenplay.
At the same time, by leveraging Network Ten’s linear and digital assets, CBS will also launch CBS All Access, the company’s digital S-VOD service, in the Australian market. This marks another international territory announced for CBS All Access this month. The company recently unveiled plans to make the service available in Canada next year.
“Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia,” said Moonves.
“We have been able to acquire it at a valuation that gives us confidence we will grow this asset by applying our programming expertise in a market with which we are already familiar.”
“Network Ten and CBS have enjoyed a close working relationship for nearly two decades, and now CBS will continue to provide Network Ten with access to the very best in US content. We also look forward to working with the outstanding team at Network Ten to enhance and expand on its great legacy of Australian news, drama, reality and sports programming,” said Armando Nuñez, president and CEO, CBS Studios International.
“This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multi-platform distribution and growth.”
Network Ten receiver and manager Christopher Hill said: “Network Ten has played a significant role in Australia’s media landscape over many decades, and the sale of the business to CBS will allow the iconic broadcaster to move into a new chapter on a strong and stable footing.”
The transaction will be completed in accordance with the Australian voluntary administration process and is subject to certain regulatory approvals.