CBS Corp. said it agreed to acquire Network Ten, one of three major commercial broadcast networks in Australia. In addition the linear network, the deal includes digital terrestrial TV channel Eleven, in which CBS already owns a 33% stake, the DTT channel One and Network Ten’s digital platform Tenplay.
Using Network Ten’s linear and digital assets, CBS said it will launch its OTT service CBS All Access in Australia. CBS recently announced plans for the international expansion of All Access, beginning in Canada next year.
Financial terms were not disclosed.
“Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia,” said CBS CEO Les Moonves, in a statement. “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.”
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