The bid by Australian billionaires Lachlan Murdoch and Bruce Gordon for the Ten Network just didnt stack up against the offer from Americas CBS, according to administrators KordMentha.
The American broadcast giant, a key content provider to Ten and one of its biggest creditors, is paying a minimum of $201.1 million for the Ten Network.
According to a new creditors report by administrator KordaMentha, the cash value from CBS includes $139.1 million to repay secured creditors including the Commonwealth Bank, $32 million for the creditors trust fund and $30 million in working capital.
TV pioneer Gordon last week launched a Supreme Court challenge to the sale process.
A second meetings of creditors is due next …
Read the full article at: https://www.businessinsider.com.au/kordamentha-has-revealed-why-cbs-got-the-ten-network-and-not-the-local-bidders-2017-9