Channel Ten To Be Bought By US TV Giant

After an incredibly-troublesome and uncertain last few months, Channel Ten is set to be purchased by US TV giant, CBS. 

As ABC reports, the Australian network has confirmed that CBS has entered a binding agreement to buy its business and assests.

The purchase will not only include the acquisition of Ten, but also its digital subsidiaries, including ELEVEN, ONE and TENPLAY.

The news comes after Ten went into voluntary administration in June, after reporting a net first half loss of $232.2 million in April.

CBS have also announced plans to launch its digital service, CBS All Access, in Australia.

"Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia," Chairman and Chief Executive of the CBS Corporation, Leslie Moonves, said.

"Network Ten and CBS have enjoyed a close working relationship for nearly two decades, and now CBS will continue to provide Network Ten with access to the very best in US content."