CBS Buys Australian Broadcaster Network Ten28 Aug, 2017 By: Erik Gruenwedel
Deal paves way for 'CBS All Access' expansion down under
CBS Corp. is acquiring Network Ten, one of three major broadcast networks in Australia. Financial terms were not disclosed.
By leveraging Network Ten’s linear and digital assets, CBS plans to launch CBS All Access, the company’s subscription video-on-demand service, in the Australian market. This marks another international territory for All Access. CBS recently unveiled plans to make the service available in Canada next year.
The deal adds Network Ten to CBS’s global content and distribution portfolios. In addition to core linear channel Ten, the agreement includes digital terrestrial television channel Eleven, in which CBS owns a 33% stake, the DTT channel One and Network Ten’s digital platform, Tenplay.
“Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia,” Leslie Moonves, CEO of CBS, said in a statement. “We have been able to acquire it 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.”
The transaction will be completed in accordance with the Australian voluntary administration process and is subject to certain regulatory approvals.