×
You will be redirected back to your article in seconds

CBS Takeover of Ten Network Approved by Australian Court

A Supreme Court judge in Australia has ruled in favor of CBS Corp.’s proposed takeover of the country’s Ten Network. The move had been opposed by media moguls Lachlan Murdoch and Bruce Gordon, who sought to buy the network themselves.

Justice Ashley Black of the New South Wales Supreme Court said Friday that there was “no prejudice or unfair prejudice arising” from the transfer of the shares by the administrator to CBS’s Australian nominee. It is possible that Murdoch and Gordon may appeal the ruling.

Ten filed for protection from its creditors and was put into administration earlier this year after investment companies held by Murdoch, Gordon and Kerry Packer announced that they would not guarantee the company’s debt beyond December. Murdoch and Gordon and the U.S.’s CBS Corp. then put competing rescue offers on the table. In September, shareholders and employees voted overwhelmingly in favor of the CBS offer.

CBS had originally offered A$32 million (US$25.6 million) to creditors. Murdoch and Gordon proposed A$35 million (US$28 million), and increased that in September to A$55 million (US$43.9 million), promising to leave some equity for creditors. But their offer document also appeared to imply substantial cutbacks and studio closures. CBS increased its offer to A$40 million (US$32 million) on the eve of the creditors’ meeting in September.

More TV

  • Jingle Punks at 10: Production Music

    Jingle Punks at 10: How the Production Music House Turned Passion Into Profits

    In a typical post-awards show scene, two music professionals start a friendly conversation at a bar. “I start telling him, ‘I’m the king of all jingles,’” says Jared Gutstadt, co-founder of Jingle Punks, the venerable production music house that he launched 10 years ago.“I thought I was talking to a complete stranger.” Turns out he [...]

  • WME Veteran Ari Greenburg Promoted to

    WME Veteran Ari Greenburg Promoted to President of Talent Agency

    WME veteran Ari Greenburg, one of the original Endeavor staffers who helped build the talent agency that became an industry powerhouse, has been promoted to president. Greenburg will oversee all daily operations across WME and its offices in Beverly Hills, New York, Nashville, London and Sydney. The promotion recognizes the role that Greenburg has played [...]

  • TV’s Most Meaningful Deaths of 2018

    TV’s Most Meaningful Deaths of 2018

    As the number of television series continues to grow, so too does the number of television character deaths. After all, what says “strong, emotional” material like asking actors to play grieving friends and loved ones of the newly deceased? To cap off the year in television, Variety selected the series that provided the most impactful losses [...]

  • Rebecca Campbell Disney

    Disney Sets Out International Leadership Team Post-Fox Deal

    Rebecca Campbell, Diego Lerner and Uday Shankar are set to be Disney’s three key international chiefs when its deal for 21st Century Fox closes, the company announced Thursday. Campbell will run the Europe, Middle East and Africa team under the new structure, which is conditional on the Fox deal closing. She also adds Russia and [...]

  • Leslie MoonvesCBS Upfront Presentation, New York,

    Cybill Shepherd Alleges Leslie Moonves Made Romantic Advances

    Actress Cybill Shepherd, who once starred in the CBS sitcom “Cybill” alleged in a recent interview that former CBS CEO Leslie Moonves propositioned her while they were dining at a restaurant. “His assistant and my assistant made a dinner date and we went to it and he was, well he was telling me his wife [...]

  • NARCOS MEXICO

    Diego Luna, Scoot McNairy to Return for 'Narcos: Mexico' Season 2

    Both Diego Luna and Scott McNairy are set to star in “Narcos: Mexico” Season 2, reprising their roles from Season 1. Production recently began on the second season of the series, which is the fifth season total of the “Narcos” franchise. Luna was recently honored with a Critics’ Choice Award nomination for best actor in a [...]

  • Taylor SwiftTaylor Swift in concert at

    Taylor Swift 'Reputation' Concert Film to Hit Netflix on New Year’s Eve

    Taylor Swift today announced that she is “gifting the world front row seats to the last show of the U.S. leg” of her “Reputation” tour with a concert film that will premiere on Netflix New Year’s Eve. “This epic concert film features pyro, fireworks, multiple stages and of course, a 63 foot cobra named Karyn,” [...]

More From Our Brands

Access exclusive content