US network CBS will purchase the Ten Network (ASX: TEN), gazumping Lachlan

CBS is a key content provider to Ten and the deal has gazumped Murdoch and Gordon who were believed to be close to buying 10 over the weekend.

“As part of the agreement to purchase the Network Ten business, CBS will provide immediate financial support to ensure continuity of operations ahead of the upcoming meeting of creditors.” Said Administrators KordaMentha and receivers PPB Advisory 

Ten went into voluntary administration on June 14 and the Australian Competition and Consumer Commission (ACCC) announced it would not oppose Murdoch and Gordon’s joint bid to take 50 per cent each in Ten through their respective investment vehicles, Illyria and Birketu.