CBS is going down under. CBS Corp chairman and CEO Leslie Moonves has announced that the company will acquire Network Ten, one of three major commercial broadcast networks in Australia. The deal also includes digital terrestrial television channel Eleven, in which CBS already owns a 33% stake, as well as channel ONE and Network Ten’s growing digital platform, Tenplay.
“Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia,” said Moonves. “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 acquisition will also pave the way to launch the digital subscription VOD service CBS All Access in Australia. This marks the second international territory on the slate for the expansion of CBS All Access. Earlier this month, it was announced the service will be made available in Canada next year.
“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.”
The acquisition will be completed in accordance with the Australian voluntary administration process and is subject to certain regulatory approvals.