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.
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.