CANBERRA, Australia — 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. Armando Nunez, president and chief executive of CBS Studios International, said CBS recognized the significance of Ten to Australian broadcasting. Ten chief executive Paul Anderson said his network and CBS had a strong relationship. The government is currently negotiating with the Senate to relax those laws and allow Murdoch and Gordon to buy the network.

Source: Washington Post August 28, 2017 01:09 UTC