Monday, 28 August 2017

American broadcaster CBS to buy Australia's Ten Network

American broadcaster CBS will buy Australia's troubled Ten Network, which had also attracted attention from a consortium led by Lachlan Murdoch.

Ten's administrators confirmed the purchase on Monday but did not disclose the sale price.

The station was placed in voluntary administration in June.

Last week Mr Murdoch secured regulatory approval to bid for the firm, though any acquisition would have required changes to media ownership laws.

Ten was placed in administration after creditors, which included Mr Murdoch, withdrew a debt guarantee.
Like other networks Ten, which caters for younger audiences, has been hit by falling advertising revenues and competition from digital streaming services.

Ten, which is one of Australia's three commercial channels, broadcasts shows such as "I'm a Celebrity... Get Me Out Of Here!".

BBC     News.