Ten admits ‘material uncertainty’ over its future unless new finance facility and license relief found
Australia’s third major commercial TV network has warned its future is in doubt unless it can find new debt facilities, cut program supply costs and get licence fee relief from the federal government in the upcoming budget after reporting a net first half loss of $232.2m.
Ten CEO Paul Anderson
In a stark warning to the market in its half-yearly results, the network warned that unless discussions with program providers, shareholder guarantors and the government had “favourable outcomes” its future was under direct threat.
“As a result of the matters disclosed, there is a material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern, and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business,” the network revealed in the director’s report.
The network that gave the convicted racist Andrew Bolt an appallingly low rating TV show for years?
Lol. Good riddance.
Wow Ten has gone downhill since Russell Howcroft left
Murdoch to buy it once the media law changes?
I remember a certain CSO 4 years ago getting utterly smashed for suggesting a material shift was occurring in the market and Ten would not benefit from this. The critics had never worked in media only bought it – and they are two very different things – Sad to see the company struggle like this.
How many advertisers left because they flogged V8Supercars off?
#tanking
Well they’ve certainly found out Peter Hellier comedy specials aren’t the answer.
Of course, this may all be part of an elaborate plan to fail, for reasons beyond the limits of my business knowledge. If it isn’t, then it could all be turned around by reprogramming and producing quality television in a format that is not covered by the other networks. SBS get so much right in the programming sense but are woefully amateur and naive in the production area. The ABC is underfunded, tired, and bound up internally. The big three go full on sport, news, and so-called reality shows. Ten needs to work against this format, with well- produced shows that should cost less than so-called reality. Meet, talk, compare ideas, workshop, manage, negotiate, and be prepared to change; that is the way forward.