A piece published today by The Hollywood Reporter details how Leslie Moonves and CBS got the better of Lachlan Murdoch and 21st Century Fox in a hotly contested fight for control of Australia’s third-ranked TV network, Network Ten.
“CBS surprised, some even say shocked, Murdoch & Co., Australian media and industry folks alike by pulling off the reported $160 million (AUS $201 million) acquisition of Ten, the least-watched commercial network in what is the fourth-largest English-speaking TV market in the world, that had gone into receivership in June when it had a market capitalization of just $53 million (AUS $66 million),” THR reports.
The report adds: “It was a bruising result for Murdoch, executive co-chair of 21st Century Fox and News Corp, both financially and to his reputation as a top media executive. He had sunk $137 million of his own money into Ten in 2010, served in such roles as executive chairman, acting CEO and putative financial savior of the struggling network, and struck content and advertising sales deals with News Corp-managed pay TV outfit Foxtel.”
We encourage readers to click on the link above to THR to read the full analysis.