USA broadcaster CBS agrees to buy Network Ten

The Project is one of Channel 10's flagship shows. Image Instagram  TheProjecttv

The troubles that Australia's Ten Network faced are hopefully a thing of the past as CBS, the US based broadcasting giant is set to purchase the down-under network.

"I certainly would welcome the Ten Network coming into a period of stable ownership and financially stable circumstances", said Prime Minister Malcolm Turnbull.

USA television network CBS has agreed to purchase Australian tv station Channel 10 today, with the deal set to also allow the company to bring their own Streaming Video on Demand service All Access, to Australia.

"Network Ten and CBS have enjoyed a close working relationship for almost two decades, and now CBS will continue to provide Network Ten with access to the very best in USA content", Armando Nunez, President and CEO of CBS Studios International said.

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"This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multiplatform distribution and growth", said CBS Studios International President and CEO Armando Nunez.

Ten disclosed CBS and 21st Century Fox had agreed on the vast majority of commercial terms for new content deals after the board appointed KordaMentha as voluntary administrators in June.

The announcement comes days after billionaires Lachlan Murdoch and Bruce Gordon were given the all-clear to launch a joint takeover of the network.

New York-listed CBS is America's most-watched network, worth $35.3 billion. It will also be able to launch its subscription video-on-demand service, CBS All Access, through Ten's infrastructure.

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Channel Ten already broadcasts a large number of CBS programmes - indeed, it has been speculated that these costly broadcasting contracts for under-performing shows is one of the reasons Ten nearly went under in the first place. Many officials at Ten have confirmed that CBS has signed a binding agreement to purchase the business and assets of the broadcaster.

The deal, which is subject to Foreign Investment & Review approval, involves a refinancing of secured debt arrangements, including shareholder guarantor fees put up by Murdoch and Gordon.

The decision to enter an exclusive transaction deed with CBS followed a rigorous sales process run in conjunction with independent adviser, Moelis Australia Advisory Pty Ltd (Moelis).

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