Deals
CBS's Ten Acquisition Overcomes Legal Challenge from Local Mogul
- Sydney court dismisses attempt to bar CBS from creditors vote
- Meeting of Ten Network’s creditors to go ahead on Tuesday
The Channel 10 headquarters in Melbourne, Australia.
Photographer: Michael Dodge/Getty ImagesThis article is for subscribers only.
CBS Corp. overcame a last-ditch attempt to derail its planned takeover of ailing Australian broadcaster Ten Network Holdings Ltd. after a Sydney court dismissed a challenge by local media mogul Bruce Gordon.
CBS is free to vote on its proposed acquisition at Tuesday’s meeting of Ten creditors, Justice Ashley Black said in a ruling Monday at the New South Wales Supreme Court. Black also dismissed a claim by Gordon and his regional company, WIN Corp., that Ten’s administrators Kordamentha hadn’t provided enough information to creditors.