the thing that stands out to me is fox and cbs were each owed <...

the thing that stands out to me is fox and cbs were each owed < 10m in June when the Administrators were appointed.

This likely means that the process of appointing administrators triggered the balance of forward dated contracts to fall due and entitled them to claim the 300m+ that they say they are owed.

Take away these debts (which CBS is doing themselves by only offering Fox < 5m settlement) then debts are easily manageable and the shares have a value. The past 6 months performance continues they are picking up this business at 2 x EBITDA. Bargain!