The transaction will be completed via Australia's voluntary administration process and subject to regulatory approvals.
That followed revelations the USA studio had lodged a claim for A$843m (US$678m) owed by Ten Network Holdings.
CBS Corp CBS.N , owner of the most-watched United States television network, agreed to buy Australian free-to-air broadcaster Ten Network Holdings Ltd TEN.AX , the broadcaster's administrators said on Monday.
In addition to core linear channel TEN, the deal includes digital terrestrial television channel (DTT) ELEVEN, which CBS already owns a 33 per cent stake, the DTT channel ONE and Network Ten's rapidly growing digital platform, TENPLAY.
'Network Ten and CBS have enjoyed a close working relationship for almost two decades and now CBS will continue to provide Network Ten with access to the very best in United States content, ' Mr Moonves said.
The network's executives will no doubt understand that U.S. content, while watched in Australia, is not as effective as it used to be and local content will drive Ten's ratings.
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To do this we put in a chopper a few leaves of kale, garlic, a stream of oil, 3 tablespoons of Parmesan cheese and salt to taste. Chop half a chive into thin slices that we add to the base, then put mozzarella cheese chopped and placed the prawns reserved.
Last week competition watchdog the Australian Competition and Consumer Commission (ACCC) announced that it would not oppose a proposed bid from the duo, though any acquisition would have required changes to media ownership laws.
In June, Channel Ten informed the ASX that two key shareholders - Illyria Pty Limited and Birketu Pty Limited - would not be extending or increasing their support to the network.
"This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multi-platform distribution and growth", Mr Nunez said.
CBS Corp. will acquire Network Ten in Australia - one of three major commercial broadcast networks in that country. CBS Corporation is listed on the New York Stock Exchange, and has a current market capitalisation of ~US$28 billion.
Simultaneously, the USA studio revealed its subscription streaming service CBS All Access will launch in Australia. Many officials at Ten have confirmed that CBS has signed a binding agreement to purchase the business and assets of the broadcaster.