CBS Corp will be the next owner of Australia’s Network after creditors accepted its offer. Lachlan Murdoch and business partner Bruce Gordon had tabled a rival offer in a bid to derail CBS’s previously agreed deal for Ten, but this has come up short. Unsecured creditors met yesterday to decide what deal to accept, and […]
CBS has handed Network Ten a multi-million dollar loan to pay off creditors – including 21st Century Fox chief Lachlan Murdoch – as the US broadcaster moves closer to buying its Australian counterpart. The agreements see CBS loaning Network Ten A$142.7 million (US$113 million) to refinance the commercial channel’s debts, according to Network Ten administrators […]
CBS Studios International (CBSSI) is reportedly claiming A$843 million (US$642.2 million) in debts from troubled Australian channel Network Ten. Various reports claim the international sales arm of US broadcaster CBS is the largest creditor of Ten, which is currently in administration. CBSSI has made the claim to Ten’s administrators, which are currently looking at either […]
Australia’s Network Ten has secured its immediate future after key shareholders agreed to fund an A$30 million (US$23 million) loan. Lachlan Murdoch, Bruce Gordon and James Packer agreed to support the package, which buys Ten some time and keeps the network on air. The funding package is available until August 31 and comes ahead of […]
Australian commercial broadcaster Network Ten has appointed voluntary administrators after its financial backing collapsed. Administrator KordaMentha has been brought in to undertake a financial assessment of the situation, with a sale or recapitalisation process options on the table. “This decision follows correspondence received from Illyria and Birketu over the weekend, which left the Directors with […]
Australian commercial broadcaster Network Ten is facing receivership after major shareholders Lachlan Murdoch and Bruce Gordon pulled their backing. Ten has ceased trading shares after a letter to the Australian Securities Exchange (ASX) revealed Murdoch’s Illyria and Gordon’s Birketu would stop financing the network on December. Ten has a number of expensive output contracts in […]
Australia’s third largest TV channel, Network Ten, has warned its future is in danger after recording a huge half-year loss. The company share price continued to fall – it is down 60% in a year – after it posted a first-half loss of A$232 million (US$173.3 million), mainly relating to licence fee writedowns. The broadcaster’s directors […]
Access Entertainment has bought James Packer out of PatPac Entertainment, the US prodco the latter founded with Brett Ratner. The deal hands the media arm of Len Blavatnik’s Access Industries Packer’s stake in the RatPac business and a “major piece” of the RatPac-Dune Entertainment venture that co-finances Warner Bros. Pictures films. Access Entertainment president and […]
Australian paycaster Foxtel is closing in on a 14.9% stake in commercial free-to-air rival Network Ten, according to a local report. Fairfax Media reports 21st Century Fox-backed Foxtel will invest around A$85 million (US$66.4 million) at 18¢ a share in Network Ten Holdings, which operates the embattled Ten. Following Fairfax’s story, ASX-listed Ten issued a […]
The man who represented for Network Ten’s largest single shareholder on the broadcaster’s board has resigned. The development came as a deadline for bids for the Australian firm, which is on the block, looms large. Paul Mallam, who represented Bruce Gordon and has sat on the board for four years, unexpectedly announced his resignation via […]
