Just before 11am this morning (Friday Nov 10), the Supreme Court approved the transfer of shares from the Ten Network to international media giant CBS.
The decision came on the morning after Ten’s upfront held in Sydney.
The final paperwork will go through next week when CBS takes control.
At Ten’s upfront last night (Thurs Nov 9), CEO Paul Anderson said: “We are now in the final stages of being acquired by CBS Corporation. This is a game changer for Ten and we believe a significant positive for the Australian media industry.
“CBS is a global entertainment giant, a mass media company that is the most-watched television network in the US, with one of the world’s largest libraries of entertainment content.
“Making and acquiring great content is their mission, and it is our mission as well. Broadcasting that great content across multiple platforms with leading edge technology in an ever-changing environment is crucial and what better way for us to take on that challenge than by being part of the global media powerhouse that is CBS,” he said.