US mass media company CBS has completed a deal to acquire embattled Australian commercial broadcaster Ten, which entered into voluntary administration in June.
The deal covers Ten’s core linear channel, as well as digital-terrestrial television channels One and Eleven – in which CBS already had a 33-per-cent stake – and the TenPlay digital platform.
CBS struck the deal with Ten’s receivers and managers, PPB Advisory, as well as administrator KordaMentha Restructuring. Financial terms of the deal were not disclosed, but reports have previously suggested that CBS will refinance Ten’s existing debt, including a loan from Commonwealth Bank and guarantor fees of about Aus$33m (€22m/$26m) owed to businessman James Packer and media moguls Lachlan Murdoch and Bruce Gordon.
As part of the takeover, CBS will also launch CBS All Access, the company’s digital subscription video on-demand service, in the Australian market. CBS All Access’ sports content includes games from American football league the NFL, as well as US college American football and basketball and leading golf tournaments.
Ten’s last major sports deal came in June as it acquired rights to the A-League, the top tier of domestic football, as well as matches played by the men’s national team.
“The closing of this acquisition marks the beginning of an exciting opportunity to build and expand on our close working relationship and the great legacy of Network Ten in Australia, and to paving the way for further multi-platform distribution opportunities for CBS content,” CBS chairman and chief executive Leslie Moonves said.