SYDNEY and AMSTERDAM and NEW YORK, Aug. 27, 2017 /PRNewswire/ -- CBS Corporation (NYSE: CBS.A and CBS) has agreed to acquire Network Ten, one of three major commercial broadcast networks in Australia, it was announced today by Chairman and CEO Leslie Moonves. This transaction adds Network Ten to CBS Corporation's global content and distribution portfolios. In addition to core linear channel TEN, the deal includes digital terrestrial television channel (DTT) ELEVEN, which CBS already owns a 33 per cent stake, the DTT channel ONE and Network Ten's rapidly growing digital platform, TENPLAY.

At the same time, by leveraging Network Ten's linear and digital assets, CBS will also launch CBS All Access, the Company's digital subscription video on-demand service, in the Australian market. This marks another international territory announced for CBS All Access this month. The Company recently unveiled plans to make the service available in Canada next year.

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

"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 U.S. content. We also look forward to working with the outstanding team at Network Ten to enhance and expand on its great legacy of Australian news, drama, reality and sports programming," said Armando Nuñez, President and CEO, CBS Studios International. "This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multi-platform distribution and growth."

The transaction will be completed in accordance with the Australian voluntary administration process and is subject to certain regulatory approvals.

About CBS Corporation:

CBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most watched television network in the U.S. and one of the world's largest libraries of entertainment content, making its brand — "the Eye" — one of the most recognized in business. The Company's operations span virtually every field of media and entertainment, including cable, publishing, radio, local TV, film, and interactive and socially responsible media. CBS' businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Consumer Products, CBS Home Entertainment, CBS Interactive, CBS Films, Showtime Networks, CBS Sports Network, Pop (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio and CBS EcoMedia. For more information, go to www.cbscorporation.com.

SOURCE CBS Corporation

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