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CBS Corporation to acquire Network Ten

On 28 August 2017, the Administrators (Mark Korda, Jenny Nettleton and Jarrod Villani) and Receivers and Managers of Ten Network Holdings Limited (Network Ten) announced to the Australian Securities Exchange that they had entered into a binding transaction agreement with entities associated with CBS Corporation (NYSE:CBS) to acquire Network Ten.

Insights CBS Corporation to acquire Network Ten
Tuesday, 29 August 2017
The transaction is proposed to be implemented through a refinance of existing secured debt arrangements (including guarantor fees) and a Deed of Company Arrangement to be voted on by Creditors at the Second Meetings of Creditors. The transaction follows a competitive process undertaken by the Receivers and Managers in conjunction with Moelis Australia Advisory Pty Limited. The transaction is subject to Foreign Investment Review Board approval and Court approval of the compulsory transfer of shares in Network Ten to CBS under section 444GA of the Corporations Act.

In announcing the transaction, one of the Administrators Jarrod Villani and Partner at KordaMentha said “together with the Receivers, we are pleased to announce the sale of Network Ten to CBS. CBS will bring substantial experience and resources to see Network Ten continue to be a successful and valuable contributor to the Australian media landscape. The Receivers and Administrators will work closely together to ensure that operations continue uninterrupted while the transaction is finalised. As part of the agreement to purchase the Network Ten business, CBS will provide immediate financial support to ensure continuity of operations ahead of the upcoming Meeting of Creditors. We thank Network Ten management, staff and suppliers for their support during the Administration process.”

Overview of CBS Corporation
CBS Corporation operates businesses which span the media and entertainment industries, including the CBS Television Network, cable networks, content production and distribution, television stations, internet-based businesses, and consumer publishing. CBS Corporation is listed on the New York Stock Exchange and has a current market capitalisation of approximately USD 28 billion.

Information to Creditors
Further information on the transaction and Deed of Company Arrangement will be included in the Administrators’ Report to Creditors pursuant to section 439A of the Corporations Act. A link to download a copy of the report will be emailed or posted to all creditors in the coming days. Creditor information, (including the 439A report when published) is available to download from http://www.kordamentha.com/Creditors/Ten-Group.