CBS to Pay At Least $162 Million to Buy Ten Network

America’s most-watched television network CBS will be paying an amount of A$201.1 million ($162 million) to buy Australian broadcaster Ten Network Holdings, as per the documents released by Ten’s administrator.

The deal was in the pipeline when both companies entered the contract last month without disclosing the amount of the deal.

Image: Digital Trends

The deal was challenged in the court which resulted in the postponing of the meeting where creditors were expected to vote on plans for the deal of CBS to buy the Ten Network, Now the meeting is scheduled on Sept. 19.

After the deal was challenged in the court Administrator KordaMentha released the financial details of the transaction.

Fox Business reported, “CBS is Ten Network’s largest unsecured creditor and analysts said the deal to buy Ten Network would protect CBS’s distribution in Australia, and give it a platform to roll out a new streaming service it is looking to expand globally.”

Source: Reuters