US studio CBS has taken advantage of the Turnbull government's failure to pass changes to media ownership rules, swooping in and gazumping News Corp's Lachlan Murdoch and WIN Corp's Bruce Gordon to grab local broadcaster Network Ten.
The bid from CBS needs approval from creditors, a court and Foreign Investment Review Board while the Murdoch/Gordon bid relied on changes to media laws now stalled in the Senate.
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Max Mason covers insolvency, courts, regulation, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max's journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
