Other news outlets like ABC News Australia and Reuters have confirmed that the CBS/ Ten Network deal has been approved. This article mentioned that a New South Wales Court approved the deal and how this deal came into play though. Note Fox was also one of the other bidders for Ten Network until CBS won and got the deal with Ten Network,
CBS’s takeover of the Ten Network has cleared one of its final hurdles with the NSW Supreme Court approving the transfer of Ten’s shares to the US network.
A small group of shareholders had challenged the move, arguing the CBS deal was unfair and left them with nothing.
It followed the rejection of a rival bid for the company from media moguls Bruce Gordon and Lachlan Murdoch.
Judge Ashley Black today ruled the share transfer could go ahead, finding there was “no unfair prejudice”.
Network Ten’s CEO Paul Anderson welcomed the court’s decision saying it would provide certainty for the company’s staff.
“This is an important time of year for us … we’re planning all of our shows for next year as well as doing our advertising deals,” he said.
“An owner like CBS, the most successful television network in the US, they’ve got a huge amount of experience that we can tap into.
“So I think it just gives us certainty and a confidence to go about what we’ve been doing.”
While Ten’s administrators KordaMentha gave an undertaking not to start transferring shares until Wednesday, giving the group time to consider an appeal, partner Mark Korda warned further delays could result in significant damages.
“We could lose large advertising contracts, we could have some of our talent resign, we mightn’t be able to write new contracts,” he said.
“We want to take Channel 10 out of administration and give it a great future so there could be damages, but I’m sure we’ll get it settled and it will be fine.”