September 11, 2017 / 4:33 AM / a year ago

CBS paying at least $162 mln cash for Australia's Ten Network

SYDNEY, Sept 11 (Reuters) - CBS Corp will pay at least A$201.1 million ($162 million) in cash to buy Australian broadcaster Ten Network Holdings, according to documents released on Monday by Ten’s administrator.

CBS, the United States’ most-watched television network, said it agreed to buy Ten last month, but neither party disclosed a price tag at the time. The beleaguered broadcaster was placed in administration in June.

Administrator KordaMentha released the financial details of the transaction after a rival bidder challenged the deal in court last week, alleging creditors had not been provided enough information about the competing offers by KordaMentha. ($1 = 1.2427 Australian dollars) (Reporting by Tom Westbrook; Editing by Muralikumar Anantharaman)

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