CBS Studios International and Network Ten announce joint venture in Australia
30 August 2010
Sydney - Ten Network Holdings Limited announced that Network Ten (Australia) will launch a new digital multi-channel, ELEVEN, which will be the new destination for fun and bold programming with particular appeal to the ’distinctly youthful’ market.
In addition, Network Ten Pty Limited (Network Ten) and CBS Studios International (CBS) announced the proposed formation of a joint venture, ElevenCo Pty Limited (ElevenCo), which will provide content to ELEVEN. Network Ten will hold 66 2/3 percent equity in ElevenCo, with CBS Studios Inc. holding a 33 1/3 percent share.
As part of the proposed arrangements, ELEVEN will be able to draw upon more than 70,000 hours of content from CBS’s vast program library, including Everybody Loves Raymond, Sex and the City, JAG, Frasier, Judging Amy, Happy Days and MacGyver, to name a few.
CBS has also extended its existing long-term output deal with Network Ten as part of the arrangement to form the proposed joint venture.
ELEVEN will be unequalled in the Australian free-to-air television market in presenting an exciting line-up of demographically targeted international content with new episodes of Futurama, The Cleveland Show, Supernatural, Stargate, Dexter, Smallville, The Office, Nurse Jackie, 90210 and more. ELEVEN will also become the exclusive free-to-air home of the iconic The Simpsons.
ELEVEN will be broadcast 24 hours a day in standard definition (SD) digital transmission on channel 11, and is planned to commence broadcasting in early 2011.
The proposed joint venture is subject to approval by FIRB in accordance with the usual obligations associated with investment by overseas investors in Australian media-related activities.
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