Paramount ANZ has responded to reports CBS will sell 10 in the coming years.
On Tuesday, The Australian reported the US media giant is planning on offloading the Australian TV network for $250million after buying the business back in 2017.
However, a Paramount spokesperson denied the report, telling Mediaweek: “The article published in The Australian titled “CBS tipped to offload Network 10” is inaccurate and misleading.
“Paramount has no plans to sell Network 10,” they added.
According to the publication, CBS has been using the Australian TV network as a launching pad for the Paramount+ streaming servicing. When the platform, which has been gaining subscribers, is established, the media giant will sell off the TV Station, The Australian reported.
The publication noted that the bigger question is if CBS first buys Southern Cross Media, which 10 has an affiliation deal with over two years from which it generates $38 million from.
Southern Cross Media’s TV unit has been on the market but the sales process is reported to be off after receiving below expectation offers from potential buyers. The company’s valuable businesses are the Triple M and Hit networks.
The publication also noted that like consolidating with traditional broadcasting companies could make 10 more attractive to a buyer when and if CBS choses to sell the business.
In addition to 10’s deal with Southern Cross Media is its $200 million deal with Australian Professional Leagues, signed last year.
This five year deal could be attractive incentive to a potential buyer as the network broadcasts all A-League and W-League matches on 10 and Paramount+.
Back in February, 10 ViacomCBS officially re-introduced itself to the world as Paramount ANZ following the international name change to its parent company.
Since the rebrand, Paramount have pulled together campaigns that include the world’s tallest hologram, the Southern Hemisphere’s largest drone and light show, and campaigns that appeal across generations.