CBS Corporation to Acquire Ten

CBS Corporation says it is acquiring Network Ten, with the move paving the way for the launch of CBS All Access in Australia.

The deal includes linear network TEN, the DTT services ELEVEN—in which CBS holds a 33-percent stake—and ONE, and the online platform TENPLAY.

“Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia,” said Leslie Moonves, the chairman and CEO of CBS Corporation. “We have been able to acquire it at a valuation that gives us confidence we will grow this asset by applying our programming expertise in a market with which we are already familiar.”

“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 U.S. content,” added Armando Nuñez, the president and CEO of CBS Studios International. “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. This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multiplatform distribution and growth.”

Financial terms were not disclosed.

“Network Ten has played a significant role in Australia’s media landscape over many decades, and the sale of the business to CBS will allow the iconic broadcaster to move into a new chapter on strong and stable footing,” said Christopher Hill, Network Ten’s receiver and manager and PPB Advisory Manager.

Administrator Jarrod Villani of KordaMentha Restructuring said the receivers and administrators will work closely to ensure Ten’s continued operation pending the completion of the transaction. “CBS will provide immediate financial support to ensure continuity of operations ahead of the upcoming meeting of creditors.”