Ten Network gets lifeline from CBS Corp

Company News

by Jessica Amir

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. 
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.