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Court clears CBS takeover of troubled Ten

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November 10, 2017

A Supreme Court judge has approved the transfer of Ten's shares to US media giant CBS

US media giant CBS's $41 million takeover of the Ten Network will proceed, with a court approving the transfer of all shares in the local network to the American company.

Handing down his decision in the NSW Supreme Court on Friday, Justice Ashley Black said there was "no prejudice or unfair prejudice arising" from the transfer of Ten shares to CBS, however he ordered a short adjournment to give two minor shareholders opposing the transfer time to review the judgement.

The CBS takeover, which will leave existing shareholders empty-handed, trumped a competing offer from billionaire Ten shareholders Lachlan Murdoch and Bruce Gordon and was almost unanimously backed by Ten's creditors, including the broadcaster's employees, at a meeting in September.

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