Ten Network Creditor Meeting Delayed Amid Court Challenge to CBS Deal
08 September 2017 - 9:36AM
Dow Jones News
By Mike Cherney
SYDNEY--Struggling Australian television broadcaster Ten Network
Holdings Ltd. (TEN.AU) will delay a meeting where creditors were
expected to vote on plans for U.S. media giant CBS Corp. (CBS) to
buy the company, following a legal challenge to the deal.
The receivers for Ten Network said the meeting would be held on
Sept. 19, later than the original date of Sept. 12. The receivers
said the Supreme Court of New South Wales ordered the meeting
delayed and that the court is likely to hear the legal challenge
next week on Tuesday and Wednesday.
The court case is led by Bruce Gordon, who controls Australian
media company WIN Corp. and had sought to buy Ten Network in a
joint venture with Lachlan Murdoch. Mr. Murdoch is co-chairman of
News Corp, parent company of Wall Street Journal publisher Dow
Jones.
CBS is Ten Network's largest unsecured creditor and analysts
said the deal to buy Ten Network would protect CBS's distribution
in Australia, and give it a platform to roll out a new streaming
service it is looking to expand globally.
Ten Network, one of Australia's three main broadcasters, went
into voluntary administration in June as the media industry in
general struggled with a weak advertising market and competition
from online streaming.
-Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
September 07, 2017 19:21 ET (23:21 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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