The troubled Ten Network will be purchased by the US-based broadcasting giant CBS.
Ten Networks receivers, managers and voluntary administrators have confirmed that CBS has entered into a binding agreement to buy the broadcaster’s business and assets.
In addition to the core channel TEN, the deal includes digital terrestrial television (DTT) channel ELEVEN, of which CBS already owns a 33 per cent stake, the DTT channel ONE and Network Ten’s digital platform, TENPLAY.
“Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia,” Leslie Moonves, chairman and chief executive of the CBS Corporation said in a statement.
“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.
“We also look forward to working with the outstanding team at Network Ten to enhance and expand on its great legacy of Australian news, drama, reality and sports programming,” said Armando Nunez, president and chief executive of CBS Studios International.
More to come.
Source: Ten Network to be purchased by US giant CBS – ABC News (Australian Broadcasting Corporation)
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