Australian moguls lose court challenge to CBS' planned buyout of Ten NetworkTwo Australian media moguls have lost a court challenge to CBS Corp’s planned buyout of bankrupt television broadcaster Ten Network Holdings Ltd , giving the U.S. media giant a strong upper hand ahead of a creditor vote on Tuesday. CBS, Ten’s biggest creditor, swooped on the TV station after it went into administration three months ago, upending acquisition plans by Twenty-First Century Fox Executive Chairman Lachlan Murdoch and business partner Bruce Gordon that had been on hold as they awaited reforms to media ownership laws.

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