Creditors of Australia's embattled Ten Network Holdings Ltd have agree to a A$209.7 million ($167 million) buyout from CBS Corp. As Kate King reports, it effectively ends a battle for control between the U.S. broadcasting giant and Lachlan Murdoch.
It was the news staff at Australia's Ten Network wanted to hear. (SOUNDBITE) (English) ADMINISTRATOR MARK KORDA SAYING: "Pretty much business as usual for the employees, business as usual for the programmers and transaction should complete in around four to five weeks." Creditors of the struggling broadcaster agreeing to the buyout from US TV giant CBS, following a last minute financial sweetner. The improved offer from CBS on Monday evening lifted its payout to almost $32 million US dollars. - less than a rival offer from Ten's former chairman Lachlan Murdoch and his business partner Bruce Gordon, but structured so that creditors get more. (SOUNDBITE) (English) ADMINISTRATOR MARK KORDA SAYING: "The industry is genuinely excited about having a, you know, a $27 billion big brother looking after Channel Ten." CBS, Ten's biggest creditor, swooped on the free-to-air network after it went into administration three months ago. It's owed more than half of Ten's near half a billion dollars of debt. The U.S broadcaster is already a major programmer supplier to Ten's and is looking to increase its foothold in the Australian market. It's looking to launch its video-on-demand service there. Barring further legal challenges from Murdoch and Gordon, the deal will be completed once it gains regulatory approval.