The CBS Corporation has agreed to acquire Network Ten, one of three major commercial broadcast networks in Australia.
In addition to broadcast channel TEN, the deal includes digital terrestrial television channel (DTT) ELEVEN, which CBS already owns a 33% stake, the DTT channel ONE and Network Ten’s rapidly growing digital platform, TENPLAY.
Terms of the deal weren’t released.
With the acquisition, CBS plans to launch CBS All Access, the Company’s digital subscription video on-demand service, in the Australian market. The Company recently unveiled plans to make the subscription service available in Canada next year.
“Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia,” said Leslie Moonves, Chairman and CEO, CBS Corporation. “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.”
“Network Ten and CBS have enjoyed a close working relationship for nearly two decades, and now CBS will continue to provide Network Ten with access to the very best in U.S. content. We also look forward to working with the outstanding team at Network Ten to enhance and expand on its great legacy of Australian news, drama, reality and sports programming,” said Armando Nuñez, President and CEO, CBS Studios International. “This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multi-platform distribution and growth.”