Austar began its pioneering entry into the subscription television sector in Australia in 1995. By 2002 however, the company was facing financial challenges. Recognising that Austar had developed a solid core business, and believing that the industry was at an inflexion point, CHAMP, together with its strategic partner Liberty Global Inc., acquired US bondholders’ rights to 82% of the equity of Austar. This innovative approach to structuring the acquisition was made possible by the combined resources of both the CHAMP team in Australia and the CHI team in the US. Post CHAMP acquisition, the Austar management team have been free to focus attention on the core subscription TV business, improving the key metrics of new subscriber growth, churn and ARPU (average revenue per user). This has resulted in greatly enhanced earnings and a more than six fold increase in the market capitalisation of Austar.