CBS Corporation Completes Acquisition of Ten Network
CBS Corporation has completed the acquisition of Ten Network Holdings. The acquisition adds Ten Network to CBS Corporation’s global content and distribution portfolios. In addition to the primary free-to-air channel TEN, the deal includes the multichannels ONE and ELEVEN and Ten Network’s online catch-up and streaming service, tenplay.
Leslie Moonves, Chairman and CEO of CBS Corporation, said, “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.
“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.”
Paul Anderson, Chief Executive Officer, Ten Network, said: “We are delighted that the purchase of Ten by CBS Corporation, one of the largest and most successful media organisations in the world, has been finalised.
“CBS and Ten have had a strong relationship for many years. We look forward to expanding and strengthening that relationship, and working closely with CBS to build Ten’s presence in the Australian media industry.”
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