US broadcaster CBS to buy Australia's Ten Network

American broadcaster CBS has secured a deal to buy Australia's third-largest television network, Ten, the embattled station's administrators said on Aug. 28.

The Ten Network was placed in voluntary administration in June after two billionaire backers refused to continue guaranteeing a key loan of Aus$200 million ($159 million).

CBS -- one of Ten's key content providers -- will fund the purchase by refinancing existing secured debt arrangements in full, the administrators said in a statement.

THe agreement came after CBS in July claimed debts of Aus$843 million from Ten in a submission to the network's administrators, Fairfax Media reported.

"Network Ten has played a significant role in Australia's media landscape over many decades, and the sale of the business to CBS will allow the iconic broadcaster to move into a new chapter on a strong and stable footing," Ten receiver and PPB Advisory Partner Christopher Hill said in a statement.

The deal includes Channel Ten, digital channel One, digital platform Tenplay, and digital channel Eleven -- of which CBS already owns a 33 percent stake.

CBS said it would also launch its digital on-demand service CBS All Access in the Australian market.

"We have been able to acquire (Network Ten) at a valuation that gives us confidence we will grow this asset by applying our programming expertise in a market with which we are already familiar," CBS chairman and chief executive Leslie Moonves said in a statement.

The deal needs approval from Australia's Foreign Investment Review Board.

Media analyst Peter Cox said CBS' challenge would be to try to keep a third commercial network in Australia viable, adding that a third broadcaster in Britain and New Zealand...