Ten 'safe from Americanisation' under CBS

A court is expected to hand down a ruling on the challenge to the CBS takeover of Ten

Gordon and Murdoch had challenged in court CBS' proposed buyout of Ten Network, which is worth $161 million.

Though the Murdoch-Gordon interests announced a new increased bid on Friday, after the court case, according to commentators the bid might have come too late.

The full acquisition of Network Ten is subject to Foreign Investment Review Board approval.

U.S. broadcaster CBS's bid to buy Australia's third-largest television network was approved by creditors and staff on Tuesday, paving the way for the takeover despite a rival offer by media mogul Lachlan Murdoch.

The competing proposal from billionaire Ten shareholders Mr Murdoch and Mr Gordon was snubbed, a day after Mr Gordon 's bid to derail the CBS takeover was rejected by the Supreme Court.

The legal challenge is expected to centre on the fact that KordaMentha allowed CBS to vote on its own proposal at the meeting.

It is understood CBS earlier increased its bid for Ten to just over $40 million - an increase of $8 million over its original bid.

CBS has confirmed it has raised its bid for the Ten Network ahead of the second creditor's meeting on Tuesday.

When the CBS payout is excluded, the USA broadcaster's new $40 million bid appears to be the higher offer. It is believed the additional $6.5 million will go to 21st Century Fox, for which Lachlan Murdoch serves as executive co-chairman. In CBS' bid, it is will not take part in the distribution of funds to creditors and its output agreement with Ten would continue. "It was a fair and extensive auction process", Mr Korda said.

Mark Korda, partner at the accountancy firm that is now Ten's administrator called it an "overwhelming vote in favor of CBS".

A Murdoch representative was not immediately available for comment, while a Gordon spokeswoman declined to comment on the outcome of Tuesday's vote.

While it is "almost certain" that CBS will test new programming and formats in the local market, Mr Allen said Australian audiences need not fear the creeping Americanisation of Australian free-to-air television.

"It's business as usual for employees, business as usual for programmers and the transaction should be completed in four to five weeks", Mr Korda said.

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