In ¬June this year it was announced that Network Ten was going into voluntary administration. Today it was revealed that the American media company CBS is set to purchase the Australian network.
The statement reads: “CBS Corporation (NYSE: CBS.A and CBS) has agreed to acquire Network Ten, one of three major commercial broadcast networks in Australia, it was announced today by Chairman and CEO Leslie Moonves.”
The deal also includes ELEVEN, which CBS already owned a 33% stake in, as well as the online platform TENPLAY.
The company also intend to launch CBS All Access, their digital subscription video on-demand service in Australia, which means we can look forward to access to a wide range of CBS shows on our TV’s and online.
Shows currently available on the CBS streaming service include 7th Heaven, Cheers, Frasier, Madam Secretary, Medium and many more. Browse the full catalogue here.
“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,” Armando Nunez, President and CEO of CBS Studios International said.
“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.”
As far as immediate changes, everything is set to continue as normal for the time being.
Administrator Jarrod Villani of KordaMentha insists that the company’s receivers and administrators would, “work closely together to ensure that operations continue uninterrupted while the transaction is finalised.”
