CBS Corp. (CBS) - Get Free Report said that it has plans to acquire struggling Australian broadcaster Ten Network, which is its largest customer in Australia and one of the country's top three broadcasters.
Financial details of the transaction were not made public, but Ten Network has been in receivership since June when it decided to enter into a bankruptcy process.
"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," CBS Chairman Leslie Moonves said in a statement.
Analysts and local media value the network between A$200 million and A$250 million.
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