According to this morning's AFR, TEN has first and last rights...

According to this morning's AFR, TEN has first and last rights to Series 4 of Big Brother, and that TEN intends renewing Big Brother for a further year, with the paperwork on this currently being done.

Depending upon final pricing (commented, to be $26m), the outcome will be neutral /+ for TEN, + for Southern Star Endemol, and + (and earnings accretive) for TMS. More importantly for TEN, they will be able to hold onto control of the 16-39 demographic whilst keeping SEV locked out of the equation.