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.