CBS gets ok from Foreign Investment Review for TEN

The Foreign Investment Review Board will not object to CBS acquiring TEN.

Administrators KordaMentha yesterday told the market the final step in the $40 million-plus deal will now be the legal transfer of shares to CBS.

Lachlan Murdoch and Bruce Gordon have reportedly backed down from their plans to own the network.

A KPMG report described the company’s shares as worthless, with the value of TEN’s business operations totally outweighed by debts on its outstanding content contracts with CBS and Twentieth Century Fox.

A hearing on the proposal is set down for the NSW Supreme Court on October 31. Two minor shareholders have objected to the deal.

Source: AAP

10 Comments:

  1. Then can we sort out this Fox deal before Nine or Seven swoop in? I’m not sure if was terminated completely or it was on hold until the ownership of the network is clarified

  2. Those two minor shareholders, Uncle Bert and Auntie Dorrie, may have spoken out at the AGM but they’ve put their shares to good use. Their outside dunny has some new wallpaper. With no more “Letter to Shareholders” to spike on the rusty nail and Hobson’s choice, they’ll go quietly.
    Thomas Hobson 15:1, Nov 7th.

    • They are actually 2 uni students who appeared Murdoch and Gordon’s appeal and asked for the case to be deferred till after their exams, which they didn’t get. As Ten has negative value it’s hard to see what they can hope to gain by continuing, other than registering a protest.

  3. Let’s hope CBS starts to have an impact on Tens programming cause it needs an overall that’s for sure. Ten needs to re-invent itself with a fresh look.

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