The above information is not correct. The court hearing on 31st October has nothing to do with the approval of the FIRB.
These are totally separate. The FIRB could approve or decline the takeover any day now - so a decision is imminent.
The transfer of shares court hearing is on the 31st October.
Should the FIRB be approved AND the transfer of shares happen successfully (without delay from opposing parties) then a settlement day would be forthcoming - almost definitely shortly after that court date sometime in November.
If those 2 shareholders find a way to delay the transfers then the settlement date will be later.
The Foreign Investment Review Board has approved CBS’ purchase of Network Ten, leaving just the approval of a court transfer of shares before the deal is finalised.
Sources said the approval, which is needed for a foreign-owned company to buy an Australian business, has now been ticked off. The approval was expected.
The US studio now only needs the approval of the Supreme Court before its purchase of Ten is finalised.
The court hearing, which begins on October 31, will decide on the transferring of Ten shares to CBS.
Multiple floors of the Law Courts building at Queen’s Square in Sydney has been flooded due to a faulty sprinkler, resulting in the building being closed today, Monday. Let’s hope that the Ten hearing is able to go ahead as scheduled on Tuesday, and the CBS ownership saga isn’t unnecessarily delayed.
Looks like there is no going back now - all FOX content officially gone from TEN.
A letter of termination has been issued by Fox, with the move effective already after Fox programs were hastily pulled off air three weeks ago after negotiations between the network and Fox broke down.
The long-term agreement, which included library content, was set to expire on June 30, 2019.
Was bound to happen. Ten will need to go in another direction with programming content. Shame to see Simpsons and modern family gone but I’m sure they’ll end up elsewhere. Probably new episodes kb fox 8
It is possible that News Corp could order Foxtel to terminate all co-operation with Ten, which will include Gogglebox. What will happen next? News Corp papers boycotting Ten shows? Not accepting advertisements of Ten programs? That will be disastrous for the network.
The A-League deal is with Football Federation Australia so it will not be affected.