US media giant CBS is nearing completion of its takeover of the Ten Network, clearing the finall legal hurdle with a judge approving the transfer of all shares in Ten to the American broadcaster at no cost.
NSW Supreme Court Justice Ashley Black decided in favour of CBS on Friday, finding 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 for onerous content contracts, including with CBS.
Justice Black's decision followed a hearing in which three minor shareholders sought to block the deal without success.
Two of those shareholders - law student Yunfeng Du and accountant David Gubbay - were told on Friday that they could appeal the decision but may be liable for legal costs if they choose to go ahead.
Ten shares will not be transferred to CBS before 1700 AEDT on Tuesday, allowing the three shareholders - two of which were present in court on Friday - time to decide whether or not to seek an injunction.
"If you are contemplating an appeal, then it will plainly be desirable for you to finalise your position over the weekend and give notice to the plaintiffs," Justice Black said.
Ten administrator Mark Korda told reporters outside the court that a further delay could mean Ten might lose out on advertising contracts, talent re-signing and other new contracts.
He said he did not think that would happen but, if an appeal were lodged, he expected it to be settled by Wednesday.
"We want to take channel Ten out of administration and give it a great future so there could be damages but I am sure we will get it settled and it will be fine," Mr Korda said.
Corporate regulator ASIC is due to release its decision on the takeover - expected to be an approval - late next week.
The CBS takeover trumped a competing offer from billionaire 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.
The network slipped into administration after the pair, along with fellow shareholder James Packer, refused to back a new finance package following the expiry of a $200 million debt facility.
Mr Gordon failed with a court bid to derail the CBS deal, and withdrew from the fight in October.
