CBS wins TEN takeover
Judge rules in favour of US broadcaster in the final legal hurdle for TEN.
- Published by David Knox
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- Filed under News, Top Stories
NSW Supreme Court Justice Ashley Black this morning ruled in favour of CBS in the takeover of TEN.
Three minor shareholders had opposed the transfer of shares, the last in a line of legal stoushes for the embattled broadcaster.
Final paperwork on the deal is due to go ahead next week.
#BREAKING CBS TAKEOVER: A Supreme Court judge has approved the takeover of @channelten by US broadcaster @CBS. #TenNews https://t.co/En9hknKife
— 10 News First (@10NewsFirst) November 10, 2017
The transfer of shares to CBS is the final step in the takeover for TEN which began following voluntary administration on June 16. A takeover attempt by the billionaire Lachlan Murdoch and Bruce Gordon and was almost unanimously backed by TEN’s creditors including the broadcaster’s employees, at a meeting in September.
Last night TEN revealed highlights of their 2018 showcase, with CEO Paul Anderson welcoming a new chapter and thanking employees and advertisers for their support.
This post updates.
17 Responses
There is a topic for you David…….What type of programming do we as viewers want CBS / TEN to invest in with a cash injection. News, Current affairs, Drama, Breakfast, Which Sport etc.
If Ten doesn’t Rate. I’m sure heads will Roll.
I’m sure Mr Gordon has already had talks with the new owners about how to strengthen the current programming arrangement.
The parent company has deep pockets – I’m sure they’ll be looking towards sport – and I’m even surer they’ll outfox the Fox…
Not going to be settled till next Tuesday. They could still appeal the decision but that would be crazy.
That last court challenge really did not hold water…
I would be really happy if they got the Formula One races back…*live in hope*
And I hope they give David Knox’s station ID …more than a passing glance…It is really good!
not a chance, maybe after 2022 when the Formula 1 deal is up for renewal. As Fox Sports have the exclusive rights to it, bar the Australian Grand Prix.
CBS don’t have the rights to the F1 in the states so can’t really see them being interested over here. NBC have just lost them to ABC/EPSN.
Love it, I am very happy they have bought Ten. Hopefully it all pans out.
I bet the staff at TEN never dreamed of this wonderful outcome when the company was placed into administration earlier in the year. Great news for all and look forward to seeing TEN go onward and upward under CBS’s stewardship.
Quite simply, that is good news as far as the eye can see.
Exciting times ahead for TEN. Fantastic outcome.
Be interesting to see if they get the big $ out for cricket Aus tv rights now
Cricket Australia will be breathing a sigh of relief. Ten will not let the BBL go without a huge fight now.
Good- because if the BBL went to Ch 9- I wouldn’t watch, & I watch every game
Bit Harsh. The BBL Commentators are bit average as well.
I Watch for cricket not so much commentary.
I Enjoy Warnie & Clarke on Nines coverage
The BBL is probably enough for Ten. It provides plenty of nights of content over Summer and a platform for launching their ratings season line up. Nine have admitted they overpaid for tests and ODIs. The Boxing Day test is still huge, but the others only rate when its the Ashes.
Despite the perception ODIs and Test matches still out-rate the BBL