The US network giant beat Lachlan Murdoch, son of media mogul Rupert Murdoch, and Bruce Gordon, the largest shareholder of Ten Network, who announced a joint takeover bid in July. Now, US corporation CBS has emerged as the new owner.
"We have been able to acquire (Network Ten) 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", CBS chairman and chief executive Leslie Moonves said in a statement. The final sale price has not been disclosed.
"This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multi-platform distribution and growth".
New York-listed CBS is America's most-watched network, worth $35.3 billion. This followed the company posting a loss of $232.19 million in April.
Administrators KordaMentha hopes to inform creditors of the terms and the deed of company arrangement this Thursday.
However, the deal with the least viewed commercial network in Australia will buy CBS a good foothold in Australia's local viewing market online through Tenplay Ten's digital system, as it looks to capitalize on sales overseas of its top shows. It seems likely that even more CBS content will be showing up on the channel in the years ahead, given that it now owns the network.
"I certainly would welcome the Ten Network coming into a period of stable ownership and financially stable circumstances", said Prime Minister Malcolm Turnbull.
CBS and NY hedge fund Anchorage Capital Group were among nine parties that signed non-disclosure agreements to gain access to Ten's information memorandum.
CBS agreed to purchase the Australian network, now under administration, and has entered into a binding agreement that would see the USA company purchase the entirety of its business and assets.
Recievers PPB Advisory and administrators KordaMentha are said to be working together to make sure that Ten's operation continue uninterrupted while the transaction is finalised.