AMERICAN – AUSTRALIA

CBS backing will boost Ten, says Anderson

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Original article by Max Mason
The Australian Financial Review – Page: 34 : 16-Nov-17

Ten Network’s administrator KordaMentha has formally applied to have the broadcaster’s shares delisted by the Australian Securities Exchange following its acquisition by CBS Corporation. Ten CEO Paul Anderson says CBS has indicated that content will be its top priority for Ten, and he stresses that although ownership by the US media group will strengthen Ten’s financial position it must still be profitable and deliver CBS a return on its investment. He has also praised Ten’s employees for continuing to support the network while it was in administration.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TENCBS CORPORATIONKORDA MENTHA AND COLLEAGUES PTY LTD

Amazon tells of $700m Australia push

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Original article by Sue Mitchell
The Australian Financial Review – Page: 15 & 30 : 14-Nov-17

US e-commerce giant will establish an Australian presence "very soon", according to country manager Rocco Braeuniger. He says both the Amazon Marketplace and its own retail platform will be launched in Australia, with the range of product categories it offers to be progressively expanded. Braeuniger has stressed that customer service will be a focus for Amazon, which intends to invest $A700m in its Australian business over five years.

CORPORATES
AMAZON.COM INCORPORATED, HIP CUB, KOALA SAFE PTY LTD, GOBE PTY LTD

Amazon threat and opportunity

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Original article by Simon Evans, Michael Bailey
The Australian Financial Review – Page: 1 & 12 : 2-Nov-17

US-based e-commerce giant Amazon is widely tipped to enter the Australian market before the end of 2017. Delegates at a retail summit on 1 November were told that the arrival of a new competitor will be good for Australian retailers, with Launa Inman arguing that it will force them to improve their online offerings. Small Business & Family Enterprise Ombudsman Kate Carnell says Amazon will face close scrutiny to ensure that its contracts are fair, while Australian Retailers Association executive director Russell Zimmerman stressed the need to ensure that Amazon complies with Australia’s penalty rates regime.

CORPORATES
AMAZON.COM INCORPORATED, AUSTRALIA. OFFICE OF THE AUSTRALIAN SMALL BUSINESS AND FAMILY ENTERPRISE OMBUDSMAN, AUSTRALIAN RETAILERS ASSOCIATION, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, DELOITTE ACCESS ECONOMICS PTY LTD, DELOITTE TOUCHE TOHMATSU LIMITED, BILLABONG INTERNATIONAL LIMITED – ASX BBG, TARGET AUSTRALIA PTY LTD, THEICONIC.COM.AU

CBS to take Ten as rivals submit

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Original article by Stephen Brook, Dana McCauley
The Australian – Page: 26 : 16-Oct-17

Lachlan Murdoch failed to lodge a legal challenge to the transfer of Ten Network’s shares to CBS Corporation by the deadline of 13 October, and Bruce Gordon is also believed to have not done so. News Corp Australasia executive chairman Michael Miller says Ten’s acquisition by the US media group now seems to be inevitable, and he has told the Radio Alive conference that News Corp would be willing to produce local content in partnership with CBS.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, NEWS CORP AUSTRALIA PTY LTD, NEWS CORPORATION – ASX NWS, 21ST CENTURY FOX INCORPORATED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, COMMERCIAL RADIO AUSTRALIA LIMITED, VIACOM INCORPORATED, CHANNEL 5 BROADCASTING LIMITED

Network Ten equity has no value, according to KPMG report

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Original article by Max Mason
The Australian Financial Review – Page: Online : 11-Oct-17

An independent expert’s report from KPMG has concluded that the Ten Network has an equity value of between negative $A529.2m and negative $A543.7m, or negative $1.055bn when the debt claims of CBS and 21st Century are taken into account. The negative valuation could make it harder for Lachlan Murdoch and Bruce Gordon to challenge the transfer of Ten’s shares to CBS Corporation. They will have a deadline of 13 October to decide whether to launch a legal challenge.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KPMG AUSTRALIA PTY LTD, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED

Ten report could spark challenge

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Original article by Dana McCauley
The Australian – Page: 24 : 9-Oct-17

Failed bidders for the Ten Network have until 13 October to challenge the transfer of its shares to US media giant CBS Corporation. A KPMG report to be released on 9 October may determine whether there will be a legal challenge to the CBS deal. The report concludes that Ten has negative net worth, but Lachlan Murdoch and Bruce Gordon are believed to have commissioned their own independent expert’s report which includes a positive valuation of Ten’s shares.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, KPMG AUSTRALIA PTY LTD, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, ILLYRIA PTY LTD, BIRKETU PTY LTD, 21ST CENTURY FOX INCORPORATED, VIACOM INCORPORATED, CHANNEL 5 BROADCASTING LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Date set for court to hear Ten deal

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Original article by Dana McCauley
The Australian – Page: 19 : 28-Sep-17

KordaMentha’s application to transfer shares in Ten Network to CBS Corporation will be heard by the Supreme Court of New South Wales on 31 October. The court has scheduled a three-day hearing on the application, which could potentially be opposed by Ten’s failed suitors Lachlan Murdoch and Bruce Gordon. They are said to be waiting for KordaMentha to file an independent expert’s report with the Australian ­Securities & Investments Commission before deciding whether to challenge Ten’s sale to the US media giant.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, SUPREME COURT OF NEW SOUTH WALES, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NEWS CORPORATION – ASX NWS, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD

Gordon plots as Ten creditors back CBS

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Original article by Darren Davidson
The Australian – Page: 19 & 26 : 20-Sep-17

WIN Corporation owner Bruce Gordon is considering his options after Ten Network’s creditors endorsed a takeover offer from CBS Corporation. Gordon could pursue further legal action, including a potential appeal after the Supreme Court of New South Wales rejected his bid to block the CBS deal. Meanwhile, Mark Korda of Ten administrator KordaMentha says the CBS deal is likely to be completed within 4-5 weeks. CBS secured the support of creditors after agreeing to increase the total value of its offer to $A209.7m, including upping the amount it will pay unsecured creditors from $A32m to more than $A40m.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, WIN CORPORATION PTY LTD, KORDA MENTHA AND COLLEAGUES PTY LTD, SUPREME COURT OF NEW SOUTH WALES, 21ST CENTURY FOX INCORPORATED, NEWS CORPORATION – ASX NWS, PPB ADVISORY, AUSTRALIAN TAXATION OFFICE

Murdoch-Gordon Ten bid details aired

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Original article by Max Mason
The Australian Financial Review – Page: 17 : 12-Sep-17

KordaMentha has released the deed of company arrangement for CBS Corporation’s proposed acquisition of the Ten Network. It is included in a supplementary report to Ten’s creditors, in which the administrator outlines the reasons for its decision to recommend selling Ten to CBS rather than rival bidders Bruce Gordon and Lachlan Murdoch. KordaMentha notes that both itself and Ten’s receivers had concluded that the CBS deal would provide a better outcome for creditors.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, ILLYRIA PTY LTD, BIRKETU PTY LTD, WIN CORPORATION PTY LTD, 21ST CENTURY FOX INCORPORATED

CBS set for windfall on Ten’s tax credits

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Original article by Darren Davidson
The Australian – Page: 24 : 11-Sep-17

­KordaMentha’s report on Ten Network shows that the collapsed broadcaster’s unrecorded tax ­losses of $A58.9m could be utilised by CBS Corporation if it gains full ownership. The tax-loss credits could potentially enable CBS to book large profits before it becomes liable to pay any tax on Ten’s earnings. CBS requires approval from the Foreign Investment Review Board to acquire Ten, while businessmen Bruce Gordon and Lachlan Murdoch are seeking a court ruling that KordaMentha’s creditors’ report lacked sufficient detail.

CORPORATES
TEN NETWORK HOLDINGS LIMITED – ASX TEN, CBS CORPORATION, KORDA MENTHA AND COLLEAGUES PTY LTD, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN TAXATION OFFICE, SUPREME COURT OF NEW SOUTH WALES, 21ST CENTURY FOX INCORPORATED