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SYDNEY (Reuters) - CBS Corp will pay at least A$201.1 million ($162 million) in cash to buy Australian broadcaster Ten Network Holdings, according to documents released on Monday by Ten's administrator.
But Ten's administrator released financial details of the deal on Monday as the company fends off a court challenge from a rival bidder - a consortium led by Lachlan Murdoch, co-chair of News Corp. The deal is paused while the court case is heard.
The youth-focused broadcaster with a national reach and strong brand became a tempting target as its market capitalisation plunged to just A$58 million in June, when it was placed in administration under a mountain of debt.
In response, KordaMentha published details of the deal, including the price tag "estimated at a minimum of A$201.1 million" in cash, and a table showing that most unsecured creditors receive higher payouts under the CBS arrangement.
"The CBS proposal was superior to the Birketu and Illyria proposal for creditors generally," KordaMentha said in a separate press release, referring to the private companies of Gordon and Murdoch, respectively.
CBS is Ten's largest creditor.
Fellow creditor Twenty-First Century Fox, where Murdoch is also executive chairman, received a slightly higher payout under the Gordon-Murdoch proposal, the documents show.
KordaMentha said Fox had applied to join the court challenge to the deal, which is scheduled for hearing on Tuesday and Wednesday.
Gordon's lawyers did not immediately respond to an emailed request for comment. Fox's Australian office did not immediately respond to a request for comment. A spokeswoman for Murdoch declined to comment.
($1 = 1.2427 Australian dollars)
(Reporting by Tom Westbrook; Editing by Muralikumar Anantharaman)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)