Ten Network has been snapped up by US media giant CBS in a deal that should keep Australia's third commercial free-to-air broadcaster on air.
Receiver PPB Advisory and administrator KordaMentha said in a joint statement that CBS, which owns Ten shows including NCIS and was among the network's creditors, had has entered into a binding transaction document to acquire the business and its assets.
"As part of the agreement to purchase the Network Ten business, CBS will provide immediate financial support to ensure continuity of operations ahead of the upcoming meeting of creditors," KordaMentha administrator Jarrod Villani said.
