Broadcaster CBS has struck a deal to acquire Australia’s Ten Network, bankruptcy receivers PPB Advisory and insolvency specialists KordaMentha said.
The Australian insolvency advisers made the announcement Sunday. It indicated that a last-minute attempt by Australian media moguls Bruce Gordon and Lachlan Murdoch to buy the television network failed.
Ten Network is one of Australia’s three major TV networks, but went into bankruptcy-type status in June.
Financial terms of the deal were not disclosed, but CBS was the preferred choice for acquisition by Australia’s other two networks, the Wall Street Journal reported on Monday.
CBS is Ten Network’s largest creditor. It also provides programming and is part-owner of Ten Network’s digital channel, Eleven.
The deal gives CBS an existing platform on which it can roll out CBS All Access, a subscription service, in Australia. The U.S. network seeks to globally expand its service, as it announced last week it would launch CBS All Access in Canada early next year.
“This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multiplatform distribution and growth,” said CBS Studios International President and CEO Armando Nunez.
By Ed Adamczyk