Christopher Hill, Phil Carter and David McEvoy today advise their retirement as Receivers and Managers of Network Ten Holdings (Network Ten) following the completed sale of the broadcaster to CBS Corporation (CBS).
CBS’s acquisition of Network Ten is the result of the rigorous and independent sales process conducted by PPB Advisory in conjunction with sale adviser, Moelis Australia Advisory.
Settlement of CBS’s purchase of Network Ten follows recent approvals from the Foreign Investment Review Board (FIRB) and more recently, the NSW Supreme Court decision to allow the transfer of all Network Ten shares to CBS.
The Trustee of the Creditors Trust for Network Ten will now proceed with the distribution of funds to unsecured creditors as detailed in the Deed of Company Arrangement (DOCA) and approved at the second meeting of creditors held in September.
Network Ten Receiver and Manager, Christopher Hill said: “PPB Advisory’s retirement marks the final step in the Receivership of Network Ten, with the transaction having progressed through all major milestones including creditor, regulatory and court approval.
“Network Ten has played a pivotal role in shaping Australia’s media landscape and we are pleased that the future of the broadcaster is secured under the ownership of one of the world’s largest media organisations.
“We would like to acknowledge the contribution of a range of parties that worked together to arrive at this positive outcome, particularly Network Ten management, staff and creditors for their support and patience,” Mr Hill said.
PPB Advisory would like to thank a number of parties that assisted us in securing a successful purchaser for the Network Ten business. Notably, the support provided by Moelis Australia Advisory and Minter Ellison during PPB Advisory’s appointment.
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