Lachlan Murdoch and Bruce Gordon had seemed poised to buy the network, which had been cited as proof media ownership laws needed to changeThe US media and entertainment giant CBS has agreed to buy the Ten network, which has been in receivership since July. The surprise bid comes after billionaires Lachlan Murdoch and Bruce Gordon had appeared poised to buy Ten after getting clearance from the competition regulator last week, subject to media ownership laws. The $28bn CBS Corporation, a long-term provider of content to Ten, owns CBS Television Network, cable networks, content production and distribution, television stations, internet-based businesses and consumer publishing. The US network says it will supply its own content as well as produce Australian sport, drama, reality and news. Ten chairman Lachlan Murdoch was brought in as CEO and made further changes to its strategy, but they failed to stabilise the network’s ratings or revenue, resulting in serious financial challenges this year.

Source: The Guardian August 27, 2017 23:58 UTC