US television broadcaster CBS has entered a deal to acquire Network Ten, three months after the local network was placed into voluntary administration.
In addition to channel TEN, CBS will assume control of digital television channels Eleven and One as well as digital platform TENPLAY. Leveraging Network Ten’s assets, CBS will also launch its digital subscription video on-demand service, CBS All Access, in the Australian market.
“Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia,” said Leslie Moonves, Chairman and CEO, 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. 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,” said Armando Nuñez, President and CEO, CBS Studios International.
“This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multi-platform distribution and growth.”
The transaction will be completed in accordance with the Australian voluntary administration process and is subject to certain regulatory approvals.