The business and assets of Ten Network Holdings Limited are being acquired by the CBS Corporation, after the two entered into a binding transaction this week. Previously a key content provider for Ten, CBS has a current market capitalisation of US$28billion and operates across entertainment and media businesses. The CBS corporation’s current portfolio ranges from internet-based businesses and consumer publishing, to cable networks and TV stations.
A report to creditors detailing the timing of the second creditor meeting and the expected return to the creditors will be released soon. In the meantime, Ten’s Voluntary Administrator, Jarrod Villani of KordaMentha Restructuring, stated that immediate CBS funding would ensure current network operations will continue without interruption.