Ten’s administration a body blow to media confidence but may have a silver lining
The move to place the Ten Network in administration will sap some of the confidence out of an already shaky advertising market, with the network expected to be on the receiving end of some tough negotiating tactics from media buyers keen to capitalise on its weakened position.
However, the move could also have a silver lining for the network with some agency bosses predicting a leaner Ten will be better suited to navigating the fast-changing digital world.
Ten was placed in administration on Wednesday after months of seeing its share price pulverised on the stock market.
Administrators Korda Mentha are now working with network executives on the way forward with the network’s “transformation plan” predicted to save $50m per annum by the 2018 financial year and $80m by 2019.
There is no irony in TEN going into voluntary administration in the hope of emerging rejuvenated. That is the whole point of voluntary administration.
The irony would lie in the opposite scenario: the company goes into voluntary administration in order to save itself and only succeeds in hastening its demise.
“There are plenty of successful shows that cost $100,000 an hour to make,” Coad said.
Name them.
A 10 insider said that The Project should not be primetime but moves to change were halted ! Paul
As a Network Ten Shareholder and former Media Agency Director it’s difficult not to be suspicious of the conflict of interests at play of Lachlan Murdoch and Bruce Gordon and their attempt to put Ten in to Voluntary Administration. Both have interests to wipe out shareholders and privatise the company for their own benefit. NewsCorp would also benefit from a relaxation of the 2 out of 3 and 75% reach rules and are also not impartial as majority owners of 21st Century Fox and CBS who supply content. The 3 day trading holt has rendered my $20k investment not only worthless but also inaccessible and as a shareholder I will support ASIC in a full investigation
OK Mr. Coad.
Let’s make it easier. Just name one.