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CBS Completes Acquisition Of Network Ten in Australia

CBS Corp said it completed its acquisition of Network Ten in Australia.

The company owns one of three major commercial broadcast networks in Australia, plus two digital terrestrial television channels and Tenplay, a digital platform.

Financial terms were not disclosed.

After CBS made its offer, it was challenged by a bid led by Lachlan Murdoch of 21st Century Fox, who had helped push the company into filing for voluntary administrative protection, which is similar to bankruptcy in the U.S.

CBS was among Network Ten’s biggest creditors.

“The closing of this acquisition marks the beginning of an exciting opportunity to build and expand on our close working relationship and the great legacy of Network Ten in Australia, and to paving the way for further multiplatform distribution opportunities for CBS content,” said CBS CEO Les Moonves. “I believe our ownership helps ensure that Network Ten’s business will grow long-term, while also benefiting the Australian Media sector as a whole. We look forward to welcoming Ten and its employees to the CBS family.”