American broadcasting giant CBS has increased its bid for the Ten Network, heading off a renewed offer by Australian billionaires Bruce Gordon and Lachlan Murdoch.
TV pioneer Gordon and Twenty-First Century Fox executive chairman Murdoch had offered Tens unsecured creditors, excluding CBS, $35 million, or 13.40 cents in the dollar, compared with $32 million, or 12.43 cents, in the original CBS deal preferred by administrators KordaMentha.
However, CBS now says it will pay out $40.58 million to unsecured creditors, according to documents filed by KordaMentha.
Part of the change includes a better payout for Twenty-First Century Fox, which would now get $12 million under the CBS bid instead of $3.42 million.
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