19 September 2017Hot off the Press
Ten Network creditors have voted in favour of CBS’ bid for the struggling broadcaster, rejecting a rival offer made by Lachlan Murdoch and Bruce Gordon.
US media giant CBS upped its offer to unsecured creditors from $32 million to over $40 million just hours before the vote in Sydney on Tuesday.
The CBS deal will now need court and Foreign Investment Review Board approval.
Ten’s receiver and manager Christopher Hill said the outcome has secured Ten Network’s future.
“We believe the approval of CBS’s DOCA (deed of company arrangement) represents a positive outcome for creditors, and ensures the iconic broadcaster continues on a strong and stable footing under the ownership of one of the world’s largest media organisations,” said Mr Hill, as cited by AAP.
On Monday, the Supreme Court dismissed Ten Network shareholder Bruce Gordon’s allegation that Ten’s administrators, KordaMentha, gave insufficient information regarding CBS’ bid to creditors.
Mr Gordon is reportedly preparing an appeal against the decision.