Details are currently pretty murky, but it looks like beleaguered television network Channel Ten have found themselves a buyer: US TV giant CBS.
BREAKING: US network CBS to purchase Australian free-to-air broadcaster Ten. More soon via @aus_media
— Darren Davidson (@darrendavidson) August 27, 2017
The New York listen company will buy Network Ten from administrators Korda Mentha and receivers PPB Advisory.
Channel Ten owed CBS Corporation in excess of $800 million which they are using to secure the purchase. CBS already owned 33% of Ten’s second channel venture Eleven.
CBS Corporation has a massive portfolio of media interests, including news, sports, publishing and online entertainment.
Media release re: @CBS entering into a binding agreement to acquire Network Ten @Ten_Corporate pic.twitter.com/ZUh43JEFrP
— Lachlan Kennedy (@lachlan_kennedy) August 27, 2017
We’ll keep you posted on this one as more info comes out – but it’s a pretty surprising move, and it’ll be interesting to see what they want to do with Ten.
