CBS trumps Murdoch/Gordon for channel 10

Creditors have accepted a bid by American broadcasting giant CBS, for the embattled Ten Network.

They voted at a meeting in Sydney on Tuesday, only hours after CBS raised its initial offer of $32 million to more than $40 million to unsecured creditors.

A rival bid from billionaire shareholders Bruce Gordon and Lachlan Murdoch was rejected only a day after Mr Gordon failed in a court bid to derail the CBS takeover.


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CBS now needs court and Foreign Investment Review Board approval.

However, this could be derailed by Mr Gordon and Mr Murdoch.

The Australian Financial Review reports the pair have a number of legal avenues open if they wish to continue the fight for Channel 10.

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