Tuesday, 19 September 2017

Australian broadcaster Ten Network Holdings creditors accept CBS takeover bid

Creditors of Australian broadcaster Ten Network Holdings have voted to accept a takeover bid from US network CBS.

The struggling broadcaster is home to shows such as Masterchef, The Bachelor and Neighbours.

CBS beat a rival offer from Twenty-First Century Fox executive chairman Lachlan Murdoch and his business partner Bruce Gordon.

The vote came after CBS sweetened its bid, bringing its total offer to 40.6m Australian dollars (£23.8m; $32.3m).

The administrators said CBS's bid had won approval from both the largest number of creditors and from those that were owed the most.
CBS itself was the largest creditor, with Ten owing the US broadcaster A$348m for programme rights.

"The creditors have had their vote. They've accepted a future for Ten with CBS," said Mark Korda from the administrators KordaMentha.

BBC      News.

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