CBS Plans to Acquire Australian Broadcaster Ten Network
August 27 2017 - 7:51PM
Dow Jones News
By Mike Cherney
SYDNEY--U.S. media company CBS Corp. (CBS) plans to acquire
Australian broadcaster Ten Network Holdings Ltd. (TEN.AU), beating
out an attempt from Australian media moguls Bruce Gordon and
Lachlan Murdoch to acquire the company after it went into
receivership.
Mr. Murdoch and Mr. Gordon proposed to each acquire a 50%
interest in Ten and operate it as a joint venture. The Australian
Competition and Consumer Commission said on Thursday that it
wouldn't oppose the effort. Mr. Murdoch is co-chairman of News
Corp., owner of Wall Street Journal publisher Dow Jones.
A statement from Ten Network's receivers said the CBS deal was
the result of a competitive process. It didn't include specific
financial terms but said the deal would be implemented through
refinancing existing secured debt arrangements.
The deal comes as Australian broadcasters have struggled amid a
weak advertising market and competition from online streaming
services.
"CBS recognises the significance of Ten in the Australian
broadcasting community," said Armando Nunez, president and chief
executive of CBS Studios International. "We are committed to the
efficient, reliable and successful turnaround, operation and
development of Ten to support continued growth in Australian
media."
Ten Network's receivers said the transaction would be put to
creditors and was also contingent on other conditions, including a
nod from Australia's Foreign Investment Review Board.
-Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
August 27, 2017 20:36 ET (00:36 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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