CBS takes full control of Ten
TEN Network’s era as a publicly listed company has ended as it begins life under the ownership of US broadcasting goliath CBS.
The embattled network was removed from the Australian Securities Exchange at close of business yesterday.
It comes after a court approved the transfer of its shares to CBS following days of delays as some shareholders tried to block the deal.
Minor shareholders Yunfeng Du and David Gubbay had attempted to thwart the buyout, but NSW Supreme Court Justice Ashley Black found there was no prejudice in the $ 41 million deal.
The CBS deal leaves Ten shareholders with no payment for the loss of their shares.
A previous expert report valued Ten shares as worthless due to debts the broadcaster had for onerous content contracts, including with CBS.
The takeover was backed by Ten’s creditors, including the network’s employees, at a meeting in September. CASINOS operator Crown Resorts is in talks over the future of its stake in jointventure online wagering business CrownBet.
Media reports say a merger between CrownBet and UKbased bookmaker William Hill could be on the cards.
Crown Resorts has confirmed it is in talks over its 62 per cent stake in CrownBet.
“Crown evaluates opportunities regarding its investments from time to time,” Crown said in a statement to the share market yesterday.
“Crown confirms it is in discussions concerning its interest in CrownBet. There is no certainty as to whether any transaction will eventuate.”
The Australian has reported that CrownBet and William Hill are believed to have had indepth discussions on a potential transaction.