CANBERRA, Australia (AP) – Troubled Australian television broadcaster Ten Network will be sold to U.S. giant CBS Corp. subject to regulatory approval of foreign ownership, the Sydney-based company’s administrator said on Monday.
New York-based CBS had “entered into binding transaction documents” to buy the network’s owner, Ten Network Holdings Ltd., administrator KordaMentha said in a statement.
CBS is the biggest creditor of Australia’s third most popular free-to-air commercial TV network that went into voluntary administration in June.
The sale is subject to conditions including approval by Australia’s Foreign Investment Review Board, KordaMentha said.
The sale price will be revealed in a report to creditors within days.