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The Wall Street Journal: CBS to acquire Australia’s Ten Network

SYDNEY — American media company CBS Corp. CBS, -0.14% plans to acquire Australian broadcaster Ten Network Holdings Ltd., beating out an attempt from Australian media moguls Bruce Gordon and Lachlan Murdoch to buy the company after it went into receivership.

Murdoch and Gordon proposed to each acquire a 50% interest in Ten TEN, +0.00% and operate it as a joint venture. On Thursday, the Australian Competition and Consumer Commission said it wouldn’t oppose the effort. Murdoch is co-chairman of News Corp NWSA, +1.67% , owner of Wall Street Journal publisher Dow Jones.

A statement from Ten Network’s receivers said the CBS deal was the result of a competitive process.

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