CBS now owns TEN

The transfer of TEN shares to CBS has now been completed, meaning CBS now officially owns Network TEN.

The deal completes months of administration, speculation and legal hurdles surrounding the third-rated network. The US giant was given the green light last week following a challenge by minor shareholders, which was ultimately quashed.

Administrators KordaMentha today issued a statement to the Australian Stock Exchange:

As previously advised, on 10 November 2017, Justice Black granted leave for the Deed Administrators of Ten Network Holdings Limited (Ten) to transfer the shares in Ten to CBS International Television Australia Pty Ltd (or its nominee) (‘CBS’) pursuant to section 444GA of the Corporations Act 2001 (‘s444GA Application’), consistent with the provisions of the Deed of Company Arrangement (DOCA) approved by creditors on 19 September 2017.

The Deed Administrators provided an undertaking to the Supreme Court of New South Wales that they would not implement the transfer of the shares in Ten to CBS prior to 5pm on Tuesday, 14 November 2017 to allow time for the interested persons who appeared to oppose the s444GA Application to consider their position. No further action has been taken by the interested persons.

The Deed Administrators advise that, with the satisfaction of all conditions precedent:
• All shares in Ten have been transferred to CBS
• Completion has occurred under the DOCA, meaning Ten is no longer subject to Deed of Company Arrangement
• The receivers and managers have retired.

Link Market Services will shortly issue a holding statement to all Ten shareholders reflecting the transfer of shares to CBS.

14 Comments:

  1. A couple of observations: I very much doubt that we’re going to see the dawning of a new golden age of television as some people appear to be expecting. That’s just wishful thinking.

    Whatever changes that do eventuate are not going to happen next week.

    • Of course not, but given that CBS has a very large library of material behind it it’s hard to imagine CBS not making extensive use of it and turning TEN programming inside out in the process.

  2. I really hope this works,but when Ten was listed on the ASX it had to report to shareholders and stakeholders twice a year and changes to who owns what, now with CBS this will not happen

  3. I think CBS owning 10 is a good thing, but I have a feeling it might not be good for the viewer.
    10 has a reputation of taking chances with it’s content. Look at shows like Have you been paying attention, Secret Life of Us, plus many more, these shows would have never got much of a look in on other networks.
    CBS in the US has tried and true methods but they don’t seem to take a lot of risks. They put the same old laugh track comedies, crime dramas on every year. I like CBS and think they will do well for ten but I’m not so confident it will be good for the thinking person that likes intelligent TV.

  4. When can we expect to see CBS All Access, and more importantly when will Ten’s content be available on it?

    I’d happily pay to get neighbours with no ads.

  5. This might be a stupid question but why does Tenplay display at the bottom of the webpage “2017 Ten Network Holdings”?

    Shouldn’t it say “2017 CBS Corporation”?

    • I believe Ten have permanently removed themselves from the ASX.

      That is why you had those three former minor shareholders arguing against the deal because they would (now will) get zero under this deal.

    • Not on the ASX because they’re not a listed public company. Won’t find WIN listed either.
      “CBS International Television Australia Pty Ltd”, a private (Pty) company is now the owner. Lots of signage changes to be made. Guess they will get to it soon.

  6. A truly momentous occasion. Add to this yesterday’s plebiscite and Socceroos news, and what a week! I really hope CBS can turn TEN around. It’s time to be a decent competitor to 7&9.

  7. Oh yes! I’m anticipating an entire new era of TV in Australia… CBS will come in here and show them how a network is run.

    Or… I hope so… 😳

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