New York listed CBS Corporation (CBS) has given a lifeline to Ten Network Holdings (ASX:TEN) and agreed to buy the business which is in receivership.
The Administrators for Ten entered into a binding agreement with CBS Corporation for an undisclosed amount.
The transaction involves refinancing of existing secured debt arrangements and is subject to conditions, which include Foreign Investment Review Board approval.
CBS Corporation runs CBS Television, content production and distribution and has a market cap of around US$28 billion.
Shares in Ten Network Holdings (ASX:TEN) are still in suspension. But last traded at $0.16 in June.