Gordon Loses Court Challenge to CBS's Bid for Ten Network

   By Rob Taylor 
 

CANBERRA, Australia--Media mogul Bruce Gordon has lost a court challenge to thwart the takeover of insolvent Ten Network Holdings Ltd. (TEN.AU) by U.S. broadcasting giant CBS Corp. (CBS).

Mr. Gordon and News Corp. (NWS) Co-chairman Lachlan Murdoch had taken action against the proposed 201.1 million Australian dollars (US$161 million) buyout of Ten Network, arguing their bid to buy the company wasn't properly considered by insolvency specialists KordaMentha.

On Monday, however, the Supreme Court dismissed the challenge.

"I am not satisfied that the plaintiffs have established that any deficiencies … such as to warrant orders requiring that further information be provided to creditors or that the second creditors' meeting be restrained," the judgement said.

Ten Network was placed into voluntary administration in June, with administrators in August deciding to sell the company to CBS.

Mr. Gordon and Mr. Murdoch launched a fresh bid for Ten last week that will be considered by creditors on Thursday.

-Write to Rob Taylor at [e-mail]

(END) Dow Jones Newswires

September 17, 2017 20:51 ET (00:51 GMT)

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