CBS Corporation acquires Network Ten
US mass media company CBS Corporation completed acquisition of major Australian broadcast network.
November 22, 2017
By Ang Yi An
CBS Corporation (NYSE: CBS.A and CBS) Chairman and CEO Leslie Moonves announced that they have acquired one of three major commercial broadcast networks in Australia, Network Ten, on 16 November 2017.
This transaction adds Network Ten to CBS Corporation’s global content and distribution portfolios. In addition to core linear channel TEN, the deal includes digital terrestrial television (DTT) channel ELEVEN, which CBS already had a stake in, as well as the DTT channel ONE and Network Ten’s rapidly growing digital platform, TENPLAY.
“The closing of this acquisition marks the beginning of an exciting opportunity to build and expand on our close working relationship and the great legacy of Network Ten in Australia, and to paving the way for further multiplatform distribution opportunities for CBS content,” said Leslie Moonves, Chairman and CEO, CBS Corporation. “I believe our ownership helps ensure that Network Ten’s business will grow long-term, while also benefiting the Australian Media sector as a whole. We look forward to welcoming Ten and its employees to the CBS family.”