In a late Sunday night press release, CBS Corporation announced that it has agreed to acquire Australia’s Network Ten for an undisclosed amount. The deal includes the core linear broadcast network TEN, digital terrestrial television channel (DTT) ELEVEN, which CBS already owned a 33 percent stake in, the DTT channel ONE and Network Ten’s rapidly growing digital platform, TENPLAY. The broadcaster is home to the Australian airings of “The Bold and the Beautiful,” which filmed a number of episodes in the country earlier this year to coincide with its 30th anniversary.
CBS’ purchase of Network Ten’s linear and digital assets are said to help foster the company’s planned launch of CBS All Access, its digital streaming service, into the Australian market. Earlier this month the company announced plans to make the service available in the Canadian market sometime 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.”
In addition to “B&B,” TEN was the original broadcast home of “Neighbours,” the long-running soap that moved to ELEVEN in 2011.
TEN currently airs Australian versions of such American hits as “The Bachelor,” “Shark Tank,” “Survivor,” “Family Feud” and “MasterChef.”
The CBS deal will be completed in accordance with the Australian voluntary administration process and is subject to certain regulatory approvals.