Ten was placed in administration after creditors withdrew a debt guarantee.
This transaction adds Network Ten to CBS Corporation's global content and distribution portfolios.
"CBS and Ten have had a strong relationship for a number of years; we are very excited about further developing that relationship with CBS as an owner and strength that they will provide to the Company at this critical time", said Ten CEO Paul Anderson.
UAE accuses Qatar of 'burning bridges' by strengthening Iran ties
The retaliatory move came just 24 hours after the central African state announced it was closing Qatar's embassy in N'Djamena. The decision to return the ambassador comes amid a diplomatic dispute between Qatar and other Arab nations.
The Murdoch-Gordon joint bid was contingent on a suite of media reforms which have been blocked by the Australian senate.
CBS Corporation is now a key content provider to Ten and operates businesses which span the media and entertainment industries, including the CBS Television Network, cable networks, content production and distribution, television stations, internet-based businesses, and consumer publishing.
The CBS Corporation is listed on the New York Stock Exchange with a current market capitalisation of about United States $28 billion.
Ten posted a six-month loss of A$232 million this past April, while rivals Nine Entertainment Co. and Seven West Media swung to losses for the year after writing down assets related to television. The ElevenCo board consists of Ten and CBS executives.Formed in 2010 and launched in 2011, Eleven has given CBS a clear and detailed understanding of the local free-to-air market.
PPB Advisory was appointed as receivers and managers.
The federal government should use the pending sale of Network Ten to USA media giant CBS to push harder for media reforms, a key senator says.
CBS did not say when CBS All Access will launch.