Ten’s creditors vote for CBS

SYDNEY: Ten Network creditors have delivered what looks to be the knockout blow to Bruce Gordon and Lachlan Murdoch’s chances of controlling the embattled broadcaster by voting to accept CBS’ rival bid.

The creditors voted at a meeting in Sydney yesterday, just hours after the United States media giant raised the amount it was offering unsecured creditors from an initial proposal of $A32 million ($NZ35 million) to more than $A40 million.

A Ten employee at the meeting said only two hands went up when creditors were asked if they wanted to adjourn to consider a counter offer by Mr Gordon and Mr Murdoch.

Ten administrator Mark Korda of KordaMentha — the administrator accused by Mr Gordon of not properly presenting his bid to creditors — greeted the outcome warmly.

‘‘I think the industry is genuinely excited about having a $27 billion big brother watching over Channel Ten,’’ Mr Korda said.

He said Ten has had its auction and the deal is just awaiting settlement, subject to court and Foreign Investment Review Board approval.

‘‘It’s business as usual for employees, business as usual for programmers and the transaction should be completed in four to five weeks,’’ Mr Korda said.

A competing proposal from billionaire shareholders Mr Murdoch and Mr Gordon mostly fell on deaf ears, a day after Mr Gordon failed in a court bid to derail the CBS takeover.

Ten receiver and manager Christopher Hill said the vote secured the future of Australia’s thirdlargest freetoair broadcaster.

The Supreme Court on Monday dismissed Mr Gordon’s claim that KordaMentha, did not give creditors sufficient information about the CBS bid when they recommended it to creditors. — AAP