CBS to snap up ailing Ten Network Holdings

Firm squeezed out a potential bid by Murdoch

CBS Corp agreed to buy struggling Australian broadcaster Ten Network Holdings, gaining an overseas platform for its video-on-demand service and squeezing out a potential bid by News Corp Co-Chairman Lachlan Murdoch.

The deal saves Ten Network from collapse after the New York-based media giant pledged immediate financial support to keep it running. The most-watched US network enters a crowded market for streaming services in Australia, where it will face competition from Netflix and several local platforms.

Ten had crumbled under the cost of buying programmes from the US as advertising revenue plunged. The Sydney-based broadcaster was valued at just A$59 million ($47