Ann: SALE AND RECAPITALISATION OF TEN, page-42

I struggle to see how it could be justified selling ten for current debt levels. Channel nine is about double the size and is valued on market at $1.2 billion. I understand debt and guarantor fees are only 120 million or so. if existing owners (us shareholders) get nothing then this is the bargain of a century for cbs given they will recoup that in revenue from channel 10 in 12 months and give them the negotiating power against murdoch.