CBS Corporation's acquisition of Ten Network has entered its final stage with a NSW Supreme Court hearing to approve the transfer of Ten's shares to the US broadcaster.
Last week, the takeover was given the green light by the Foreign Investment Review Board and the court is expected to deliberate over the next few days to finalise the transfer of shares.
Yesterday, Ten's administrator KordaMentha confirmed talks to renegotiate a content output deal with Twentieth Century Fox had been terminated on 6 October leaving the network without long-running programs including The Simpsons, Modern Family, Futurama and M*A*S*H.
Ten's administrators KordaMentha notified the Australian Stock Exchange that talks had broken down, which means Fox will receive a one-off payment of $3.4 million to reclaim debts on a deal that was previously valued at $377 million with nearly two years to run.
CBS beat a bid by media moguls Lachlan Murdoch and Bruce Gordon to acquire Australia's third free-to-air network.
The network will hold its annual upfronts event on Thursday, 9 November.
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