Ten exits ASX for new life in CBS stable

Ten Network's near-two decade spell as a publicly listed company has come to an end as it starts its new life under CBS ownership.

The embattled network was removed from the Australian Securities Exchange at close of business on Friday, after a court granted the transfer of its shares to the US media giant following days of delays from three minor shareholders who sought to block the deal but failed.

NSW Supreme Court Justice Ashley Black found there was no prejudice in the deal, which leaves Ten shareholders with no payment for the loss of their shares.

A previous expert report valued Ten shares as worthless due to the debts the embattled broadcaster had in relation to onerous content contracts, including some with CBS.

The $41 million CBS takeover trumped a competing offer from Ten shareholders Lachlan Murdoch and Bruce Gordon and was almost unanimously backed by Ten's creditors, including the broadcaster's employees, at a meeting in September.

Mr Gordon failed with a court bid to derail the CBS deal, and did not appeal the Supreme Court decision by the given deadline.

The network slipped into administration after Mr Murdoch and Mr Gordon, along with fellow shareholder James Packer, refused to back a new funding deal following the expiry of a $200 million debt facility.

Shares in the broadcaster haven't traded since June.