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.

CBS now needs court and Foreign Investment Review Board approval.

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

Ch10 creditors meeting just wrapped – voted for CBS deal. Major blow for Lachlan Murdoch & Bruce Gordon. Expect them to go legal

— Chris Reason (@ChrisReason7) September 19, 2017

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