CBS's takeover of the Ten Network has cleared one of its final hurdles with the NSW Supreme Court approving the transfer of Ten's shares to the US network.
A small group of shareholders had challenged the move, arguing the CBS deal was unfair and left them with nothing.
It followed the rejection of a rival bid for the company from media moguls Bruce Gordon and Lachlan Murdoch.
Judge Ashley Black today ruled the share transfer could go ahead, finding there was "no unfair prejudice".
Network Ten's CEO Paul Anderson welcomed the court's decision saying it would provide certainty for the company's staff.
"This is an important time of year for us … we're planning all of our shows for next year as well as doing our advertising deals," he said.
"An owner like CBS, the most successful television network in the US, they've got a huge amount of experience that we can tap into.
"So I think it just gives us certainty and a confidence to go about what we've been doing."
Delays could mean lost contracts
While Ten's administrators KordaMentha gave an undertaking not to start transferring shares until Wednesday, giving the group time to consider an appeal, partner Mark Korda warned further delays could result in significant damages.
"We could lose large advertising contracts, we could have some of our talent resign, we mightn't be able to write new contracts," he said.
"We want to take Channel 10 out of administration and give it a great future so there could be damages, but I'm sure we'll get it settled and it will be fine."
'I think it's morally wrong'
Shareholder David Gubbay said he had already decided not to pursue the matter any further.
"I think the odds were stacked against us," he said.
"I fought this case on behalf of more than 17,000 shareholders who are going to lose everything, every cent that they've invested in Ten Network Holdings and I think it's morally wrong.
"I'm not going to subject myself to the possibility of major costs being awarded against me."
Another shareholder, Yunfeng Du, said he would consider his options over the weekend.
CBS's takeover of the Ten Network was approved by the Foreign Investment Review Board last month.
