Ten Network’s secured creditors and staff will be paid out in full under the restructuring plan to sell the company to the US broadcasting giant CBS.
But key content providers such as production houses on contract to Ten will only receive 100 cents in the dollar if they remain with the network.
In a statement, Ten administrators KordaMentha said CBS was working with the Rupert Murdoch-controlled 20th Century Fox to renegotiate its content agreement with the network that is estimated to be worth $200 million.
If a deal cannot be struck, the administrators say CBS will give Fox a one-off payment of up to $3.4 million to settle outstanding debts.
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Read the full article at: http://www.abc.net.au/news/2017-09-04/ten-network-creditors-staff-will-be-paid-out-under-cbs-deal/8871306