The Foreign Investment Review Board will not object to CBS acquiring TEN.

Administrators KordaMentha yesterday told the market the final step in the $40 million-plus deal will now be the legal transfer of shares to CBS.

Lachlan Murdoch and Bruce Gordon have reportedly backed down from their plans to own the network.

A KPMG report described the company’s shares as worthless, with the value of TEN’s business operations totally outweighed by debts on its outstanding content contracts with CBS and Twentieth Century Fox.

A hearing on the proposal is set down for the NSW Supreme Court on October 31. Two minor shareholders have objected to the deal.

Source: AAP

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