It’s Decision Day On Ten: CBS Seen As A Shoo-In To Take Over
The American TV and media giant CBS appears to be a shoo-in to get the nod from a meeting of Ten staff and creditors today to go ahead with its takeover plan for the Australian TV channel.
A last-ditch attempt by WIN TV owner Bruce Gordon to delay the meeting and allow consideration of the rival bid by partner Lachlan Murdoch and himself was rejected in the NSW Supreme Court by Justice Ashley Black.
Despite Gordon and Murdoch’s argument that a report by administrator KordaMentha was deficient because it only presented information about the CBS bid, the judge ruled that today’s meeting can go ahead.
“It will be a matter for creditors at that meeting to determine whether [it] should be adjourned by reason of … any recent commercial developments, or for any other reason,” the judge said.
KordaMentha had approved the CBS acquisition two weeks ago. The deal includes a loan from CBS of $142.7 million to refinance Ten’s debt and pay shareholder guarantor fees to Murdoch, Gordon, and James Packer.
The voters at today’s meeting will include CBS – as a major creditor – and as many as 750 Ten staff. According to a Fairfax report, the staff, including journalists, admin people, television personalities, producers and technicians, will hold the balance in any show of hands – and overwhelmingly vote for CBS.