Troubled television network Network Ten has been acquired by US TV giant CBS after Ten entered voluntary administration in June, with CBS entering a binding agreement to acquire all of Network Ten’s businesses and assets.
Network Ten entered administration after shareholders Lachlan Murdoch and Bruce Gordon did not guarantee a $250 million loan to cover the station’s $200 million debt.
Along with the purchase, CBS will look to launch its on demand streaming service CBS All Access in Australia as a competitor to existing services Netflix and Stan.
“Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia. 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,” chairman and chief executive of CBS Corporation Leslie Moonves said in a statement.
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“This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multi-platform distribution and growth.”
The acquisition is still subject to regulatory approvals, and the size of the deal has not been disclosed.
Topshop saved by UK owner after administration
After entering voluntary administration in May, four stores from the troubled Australian arm of the Topshop fashion franchise will be saved by an entity controlled by its UK parent company Arcadia Group, reports Retail Week.
The stores set to continue on will be the Melbourne’s Emporium, Brisbane, and Gowings and Bondi Junction sites. Two hundred and ninety jobs were saved as a result.
“The administrators are delighted with the outcome of our discussions with Topshop/Topman as it finalises a successful restructure and rightsizing of the business in Australia,” joint administrator from Ferrier Hodgson Ryan Eagle said in a statement.
“Throughout this process we have considered the optimal operational structure of the business, ensuring the brand will continue in the local market and to preserve a significant number of jobs within the business.”
Doctors, scientists, farmers most appreciated professions
A study from the Australian National University released this week has revealed the attitudes of Australian towards various professions, rating them on both levels of prestige and their perceived contribution to society.
Titled the Australian Beliefs and Attitudes Towards Science, the report revealed farmers and factory workers ranked highest for the perceived contribution they made most lower for the prestige of those positions. Meanwhile, doctors, engineers, scientists and teachers all ranked highly across both the prestige and contribution indexes.
“Business workers” ranked in the middle for contributions to society, but low on perceived prestige. Artists, journalists, priests, and politicians all scored poorly on both indexes.