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    CBS to buy troubled Australian broadcaster Ten Network

    By SHOOTUpdated:No Comments1428 Views
    In this June 14, 2017 file photo, a billboard advertising a television show is displayed near the offices of the Ten Network in Sydney. (AP Photo/Rick Rycroft, File)

    By Rod McGuirk

    CANBERRA, Australia (AP) --

    Troubled Australian television broadcaster Ten Network will be sold to U.S. giant CBS Corp. subject to regulatory approval of foreign ownership, the Sydney-based company's administrator said on Monday.

    New York-based CBS had "entered into binding transaction documents" to buy the network's owner, Ten Network Holdings Ltd., administrator KordaMentha said in a statement.

    CBS is the biggest creditor of Australia's third most popular free-to-air commercial TV network that went into voluntary administration in June.

    The sale is subject to conditions including approval by Australia's Foreign Investment Review Board, KordaMentha said.

    The sale price will be revealed in a report to creditors within days.

    Armando Nunez, president and chief executive of CBS Studios International, said CBS recognized the significance of Ten to Australian broadcasting.

    "We are committed to the efficient, reliable and successful turnaround, operation and development of Ten to support continued growth in Australian media," Nunez said in a statement.

    Ten chief executive Paul Anderson said his network and CBS had a strong relationship.

    "We are very excited about further developing that relationship with CBS as an owner and strength that they will provide to the company at this critical time," Anderson said in a statement.

    CBS chairman and chief executive Leslie Moonves said the sale added Ten to CBS's global content and distribution portfolios.

    "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," Moonves said in a statement.

    Ten appointed administrators after its billionaire backers, Lachlan Murdoch and Bruce Gordon, refused to guarantee a new 250 million Australian dollar ($198 million) bank loan when a current AU$200 million loan is due to expire in December.

    Murdoch, who co-chairs News Corp. with his father Rupert, and Gordon, who owns regional network WIN Television, want to each buy a 50 percent share in the Ten.

    The Australian Competition and Consumer Commission, the competition watchdog, said last week it would not oppose the joint bid, saying it was unlikely to result in a "substantial lessening of competition in any relevant market."

    But the deal is blocked by federal laws passed in the 1980s to ensure diversity of media ownership. The government is currently negotiating with the Senate to relax those laws and allow Murdoch and Gordon to buy the network.

    Tags:CBS Corp.Ten Network



    India’s legendary filmmaker Shyam Benegal dies at age 90

    Tuesday, December 24, 2024
    Indian film directors Shyam Benegal, right, is seen during a discussion on Indian Cinema in Hyderabad, India, Monday, Feb. 18, 2008. (AP Photo/Mahesh Kumar A, File)

    Shyam Benegal, a renowned Indian filmmaker known for pioneering a new wave cinema movement that tackled social issues in the 1970s, has died after suffering from chronic kidney disease. He was 90.

    His contribution to cinema was recognized as a director, editor and screenwriter. He was also credited with a new genre of filmmaking.

    Benegal passed away on Monday at Mumbai's Wockhardt Hospital, and his cremation will take place on Tuesday, the Press Trust of India news agency reported, citing his daughter Piya.

    "Benegal had been suffering from chronic kidney disease for several years but it had gotten very bad. That's the reason for his death," Piya said.

    Many paid tribute to the legendary filmmaker on social media platform X.

    Filmmaker Mahesh Bhatt wrote that Benegal told stories without pretense. "They were raw and real, about the struggles of ordinary people. His films had craft and conviction."

    "Deeply saddened by the passing of Shyam Benegal, whose storytelling had a profound impact on Indian cinema. His works will continue to be admired by people from different walks of life," India's Prime Minister Narendra Modi tweeted.

    He was a mentor to top Indian actors, including Shabana Azmi, Smita Patil, Naseeruddin Shah, and Om Puri who made their mark in Bollywood's popular cinema as well.

    "I have lost my foster father, a man to whom I owe more than I can say," posted Naseeruddin Shah.

    "Shyam Benegal was not just a legend; he was a visionary who redefined storytelling and inspired generations," said actor Manoj Bajpayee.

    Benegal came into the limelight in the 1970s, with a series of films that challenged mainstream Bollywood. His films Ankur (1974), Nishant (1975), Manthan (1976), and Bhumika (1977)... Read More

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