Ten drops below $100m as network’s value vanishes

April 28, 2017 4:43

The Ten Network, which began the week on a high with the largest haul of Logies of the commercial networks, ended it on a low after its share price tanked, dropping the value of the company below $100m for the first time.

Ten shares dropped nearly 20% on Thursday after the broadcaster warned it was in danger of going under unless broadcast license fees were slashed, loans were renegotiated and program deals with suppliers rewritten.

The trend continued on Friday with panicked investors deserting Ten, driving the share price down from 36 cents at opening to close at 26 cents, carving a further 26.3% from the value of the company.

More than 9.8m shares were traded across the day as concerns over Ten’s announcement during its first half results continued to bite.

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Simon Canning

Simon Canning was Mumbrella's marketing and advertising editor from 2015-2017. In a career spanning journalism and communications over more than 30 years Simon has become one of Australia’s most respected analysts and commentators on the advertising, marketing and media industries. A regular commentator on radio and TV, Simon has also worked in media in the US and UK .

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