Pretty much only if the court decide on Monday that KordaMentha didn’t follow correct procedures. I imagine that they’ve prepared and submitted the bid just in case that does get through, because the creditors meeting is next week so they’d need to act fast.
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So is there any chance of CBS coming out the winner in this debacle?
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I get the impression that it’s almost certain that CBS will come out on top, but there is still that lingering chance that the hissy fit thrown by Gordon and Murdoch will end up convincing the judges otherwise which makes me feel a bit uneasy.
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You’re on Top with CBS!
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Since everyone was anti Gordon-Murdoch about the job cuts. Will they now support them now. A huge turnaround, if believed by Gordon-Murdoch
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B U L L S H I T
I wouldn’t trust a word that comes out of their mouths.
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Nope. Extremely dodgy, the whole thing.
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Exactly what I was going to say.
$3million more than CBS … if you ignore the extra $7.4 million in the CBS deal.
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We’ve heard this before…
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I don’t get it, why would you support Murdoch/Gordon taking over ten instead of a reputable media company like CBS? Sure it’s American, but CANWEST owned Ten didn’t they at one point and they were foreign?
With CBS , they have a more of a chance to revitilize their programming strategies, multichannels and their news divisions. Given Gordon/Murdoch and the sky news thing - I would rather not see sky news replace Ten Eye Witness with their liberal bias. They’ll get gut ten and turn into SkyTEN. Fact is ten won’t be ten anymore if they took over.
Murdoch/Gordon blew their chance! , CBS will take over Ten. I don’t see how a judge could actually rule in their favour. I’m assuming the deal with CBS is above and legal. So there should be no issues from what I can see.
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Nonsense. The 750 employees of ten wouldn’t want their jobs gone!
Can you please articulate on what metrics you favour that bid?
He already did. Whoring out Ten Sport to Foxtel sorry foxtel because their commentators have strong jawlines.
That’s it.
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So in other words just bullshit and rather see hundreds lose their jobs.
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It appears to be a commitment for no job losses while implementing the Deed of Company Arrangement. Unlike the Fox bid for SKy News UK, there is no commitment to retain spending & staff numbers at close to current levels after ownership is secured.
And in this second after-the-deadline bid, of the $20m extra proposed for creditors- $7m goes to Fox & $12m to CBS. It is also being paid for by a new loan (which is yet to be secured) - which likely means profits will be directed towards paying this down & and not to shareholders.
The bid also requires Foreign Investment Review Board approval & ultimately the support of creditors - particularly employees.
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Sorry if it has already been mentioned but how do we know for certain Murdoch and Gordon would cut jobs and CBS won’t?
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Well Murdoch and Gordon want to close down the news division… job losses. They also want to close down the Adelaide, Melbourne and Sydney offices… job losses. They want to close down the sports division and fox to produce sports coverage… job losses.
CBS will maintain the offices and also maintain news coverage if not expand it.
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- because we know Murdoch would seek to tie up Ten with Sky News.
- because that’s all we’ve seen Murdoch and Gordon (and co) do to Ten over the past 6 years
- because their bid has committed to shutting down Ten studios in Sydney, Melbourne and Adelaide
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I think it’s fair to say that a Murdoch Ten will ask “where can we save money?” And using existing news and sports resources saves money. They’ll also ask “how do we drive Foxtel subscriptions”, and will try to organise deals nudge people to join Foxtel. An interest in growing Foxtel.
Whereas CBS Ten will also ask where they can save money - with a focus on growing Ten.
That’s just commercial sense.
But when it comes down to it it’s just another consolidation option. Do we want fewer media voices - which is more appealing and efficient for those voices. It means less competition.
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Looks like thrown new deal is still a dud.
If it’s about money for creditors CBS should be able to review their bid and just pay fox a bit more. Other than that it’s rubbish really because the assumption is still there that under the cbs deal they wipe their debt as major creditor.
Still nervous to see how the court sees all this.
Even if cbs win this next round… they’ll be back in court to get the shares transferred to themselves and ten to be delisted from the ASX. You can guarantee that Gordon and Murdoch will be there trying again to wrestle the company away. This has a long way to run.
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I think a lot of it has to do with reputation & past experience with acquisitions. There were losses when Sky assumed Fox Sports & The Weather Channel. Sky predominately uses VJ’s - including for filming Fox live X’s. It has very few cameraman for news.
There have also been the comments of Sky management to their journos - it’s a small industry. People talk.
And from an employee perspective, CBS has issued a statement that has instilled some confidence in staff. The opposing bid has not and in fact the comment in court that staff have been ‘poisoned’ has acted to deepen resentment. Just my perspective.
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