CBS acquires Australia's Network Ten

In addition to the linear channel Ten, the agreement includes the digital terrestrial television (DTT) channel Eleven, in which it already has a 33% stake, the DTT channel One and the digital platform Templay.

CBS Corporation has acquired Network Ten, one of the three major commercial television networks in Australia. This transaction adds Network Ten to CBS Corporation's global content and distribution portfolios. In addition to linear channel Ten, the deal includes digital terrestrial television (DTT) channel Eleven, in which it already holds a 33 per cent stake, DTT channel One and Network Ten's rapidly growing digital platform Templay.

At the same time, leveraging Network Ten's linear and digital assets, CBS will also launch CBS All Access, the company's digital video on demand service in the Australian market. The company recently revealed plans to also launch this service in Canada next year.

Leslie Moonves, Chairman and CEO of CBS Corporation, commented: "Network Ten is a premier broadcasting asset with over half a century of experience and brand equity in Australia. We have been able to acquire it at a valuation that gives us confidence that we will grow this asset by applying our programming expertise in a market with which we are already familiar."

Armando Nuñez, president and CEO of CBS Studios International, for his part acknowledges that "Network Ten and CBS have enjoyed a close working relationship for almost two decades, and now CBS will continue to provide Network Ten access to the best in content from the United States. We also look forward to working with the outstanding team at Network Ten to enhance and expand its great legacy of Australian news, fiction, reality and sports programs."

The transaction will be completed in accordance with Australia's voluntary administration process and will be subject to required regulatory approvals.