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Australia judge dismisses 21st Century Fox challenge against of CBS TV buyout

The 21st Century Fox logo is seen outside the News Corporation headquarters in Manhattan, New York, April 29, 2016. — Reuters pic
The 21st Century Fox logo is seen outside the News Corporation headquarters in Manhattan, New York, April 29, 2016. — Reuters pic

SYDNEY, Sept 18 — An Australian judge dismissed a challenge by a group involving Rupert Murdoch’s Twenty-First Century Fox <FOXA.O> today against an agreed takeover by CBS Corp <CBS.N> of struggling television broadcaster Ten Network Holdings Ltd <TEN.AX>.

Twenty-First Century Fox and CBS were creditors of Ten when it went into administration three months ago. Twenty-First Century Fox Executive Chairman Lachlan Murdoch, Rupert Murdoch’s son, was widely expected to buy the network but it instead agreed to a buyout by CBS.

Twenty-First Century Fox and its Australian partner, regional television network WIN Corp, filed a legal challenge, arguing Ten’s administrator mishandled the sale and CBS should not be allowed as a creditor to vote on the deal.

New South Wales state Supreme Court judge Ashley Black said the challenge “should be dismissed” and CBS should be allowed to vote on its takeover. — Reuters

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