CBS Corp. agreed to buy Ten Network Holdings Ltd., saving the Australian television broadcaster from collapse and squeezing out a potential bid by News Corp. Co-Chairman Lachlan Murdoch.

CBS will provide “immediate financial support” to keep Ten running, the Australian broadcaster’s administrators said in a statement Monday. The New York-based company will use the broadcaster, valued at just A$59 million ($47 million) before it was suspended from trading in June, as a launchpad for its video on demand service, CBS All Access.

No value for the deal was provided.

Ten, which broadcasts “Homeland” and “Masterchef Australia,” had crumbled under the cost of buying programs from the U.S. as advertising revenue plunged. Lachlan Murdoch, son of Rupert Murdoch, and Australian media mogul Bruce Gordon were considering their own joint offer for the network after refusing to guarantee a new loan.

“This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multi-platform distribution and growth,” Armando Nunez, chief executive officer of CBS Studios International, said in a statement. CBS said the price it is paying gave it “confidence” it could grow the business.