- A popular American broadcaster has announced they will buy Channel 10
- CBS Corporation will buy Network Ten, saving it from a troubled few months
- Network Ten went into voluntary administration when shareholders, including Lachlan Murdoch, announced they would not renew a multi-million dollar loan
Popular American broadcaster CBS Corporation will buy the troubled Ten Network months after it was announced the company went into voluntary administration.
The US studio released a statement Monday morning saying they had agreed to acquire Network Ten, ultimately saving the network and its programs including The Project.
‘Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia,’ CBS Corporation Chairman and CEO Leslie Moonves said.
American broadcaster CBS Corporation announced it would buy the troubled Ten Network (Ten’s The Project presenter Carrie Bickmore pictured)
The American giant will save Network Ten after they went into voluntary administration in June (Ten’s The Project presenter Waleed Aly pictured)
CBS Corporation Chairman and CEO Leslie Moonves (pictured) said they already had a 33 per cent stake in ElevenCo, parent company of Ten’s channel Eleven
CBS Corporation (pictured) is one of the biggest entertainment libraries in America
‘We have been able to acquire it at a valuation that gives us confidence we will grown this asset by applying our programming expertise in a market with which we are already familiar.’
The American giant already has a 33 per cent stake in ElevenCo, the parent company of the network’s channel Eleven.
‘Network Ten and CBS have enjoyed a close working relationship for nearly two decades and now CBS will continue to provide Network Ten with access to the very best in US content,’ Mr Moonves said.
Already a key content provider to Ten, CBS said they would use the new venture for ‘further multi-platform distribution and growth’.
The free to air network was first placed into voluntary administration in June this year after shareholders Lachlan Murdoch, Bruce Gordon and James Packer chose not to guarantee a new $250 million loan to replace the existing $200 million overdraft from Commonwealth Bank.
A statement from Network Ten said the receivers and administrators would be working closely to ensure operations were uninterrupted.
The free to air network has been saved by CBS, who have been working with the company for two decades (Ten’s popular Masterchef judges pictured)
Ten was first placed into voluntary administration in June after shareholders Lachlan Murdoch, Bruce Gordon and James Packer chose not to guarantee a renewed loan
The announcement comes days after billionaires Lachlan Murdoch and Bruce Gordon were given the all-clear to launch a joint takeover of the network.
The American giant will be providing immediate financial support to save the network.
Financial details on the business deal have not been released but is believed the transaction would secure a strong future for the company and stakeholders.