The Ten network is in administration

The Ten network is in administration

KordaMentha, which was appointed as voluntary administrators, said it would work with management and content partners while undertaking a financial and operational assessment, with a view to either recapitalise or sell the business.

The Australian Financial Review, citing sources, said Ten management believed they had a plan to keep the broadcaster public and viable, but needed to renegotiate content deals with U.S. studios 21st Century Fox and CBS.

The administrators intend to continue operating the broadcaster "on a business as usual basis" as much as possible while conducting the review, Network Ten said.

The agreement would mean Murdoch and Gordon could eventually launch a bid to increase their shareholding or buy Ten as part of a restructure plan if media ownership laws are relaxed.

Ten Network has entered voluntary administration after failing to secure a guarantee for a new $250 million loan it sought to continue its operations beyond Christmas.

In a statement the directors said they "regret very much that these circumstances have come to pass" and they thanked the leadership team which had achieved everything the board asked them to do over the past few years in very challenging circumstances.

The parent company of Australia's Ten Network today called in voluntary administrators to examine the potential sale or recapitalisation of the business.

Together with other cost savings and the $A22m reduction of license fees paid to the federal government the company expects a A$50m improvement in earnings in fiscal 2018 and more than A$80m the following year.

"Over the weekend, Ten received correspondence from financial advisers Illyria Pty Limited and Birketu Pty Limited, two of the shareholders which guarantee the company's current financial position", company secretary Stuart Thomas said in an update to the ASX this morning.

A day after Ten requested a 48-hour trading halt of its shares while it considered its future, the Australian Securities Exchange said it had suspended the shares indefinitely.

Despite recent success at the Logies and the popularity of the Big Bash cricket coverage, Ten posted a disastrous half-year loss of $232m in April and warned that its future as a "going concern" was in doubt.

The rise of streaming services like Netflix, Stan, Amazon Prime and Foxtel now has put the television industry under pressure, while online media also competes for advertiser dollars.

Related Articles

  • Deutsche Bank reaches $170m Euribor-rigging settlement

    The Average Volume of the company is 6.75 Million, while the Volume of the company in the last trading session was 4.29 Billion. Wetherby Asset Management Inc. boosted its stake in shares of Deutsche Bank AG by 7.7% in the first quarter.

    Timeline of Otto Warmbier's saga in North Korea

    American college student Otto Warmbier has landed back in the United States after more than 17 months in detention in North Korea. Korean-American Kim Dong-Chul was arrested in 2015 and sentenced to 10 years' hard labour on charges of subversion and espionage.
    George Osborne: Theresa May is a dead woman walking

    George Osborne: Theresa May is a dead woman walking

    He said her days in Downing Street were numbered and wondered why she is sitting tight in office when she had lost her popularity. I and other senior colleagues have made that clear to her, ' Mr Fallon told the BBC's Andrew Marr show.
  • Trump worked 'very hard' to get student released

    The official, who was not authorized to publicly discuss intelligence and spoke anonymously, said there were concerns that Mr. June 13: Warmbier is evacuated from North Korea, accompanied by a medical team and a State Department representative.

    Golden State Warriors take NBA title

    That's a pretty incredible accomplishment, considering that Michael Jordan made just six trips to the Finals. The title was the Warriors' second in three years and potentially marks the beginning of a dynasty.
    Fire Emblem Warriors Gets New Footage At Nintendo's E3 Showcase

    Fire Emblem Warriors Gets New Footage At Nintendo's E3 Showcase

    With Fire Emblem Warriors on the way this year, Nintendo is releasing new two amiibo for the franchise. When Nintendo first teased the game, however, they teased heroes from at least five different games.
  • Cornyn focuses on Comey, Clinton emails in Sessions' Senate hearing on Russian Federation

    Cornyn focuses on Comey, Clinton emails in Sessions' Senate hearing on Russian Federation

    Comey told lawmakers last week that he knew details that made Sessions's involvement in the FBI Russia probe "problematic". Raising his voice, he said: "This is a secret innuendo being leaked there about me and I don't appreciate it".

    Watch Senate Committee Hearing With Intelligence Chiefs

    The president has repeatedly called for an end to the various inquires swirling around his administration. But unlike Comey, they refused to offer any details about their personal dealings with President Trump.

    NKorea Frees US College Student; Family Says He's In Coma

    Tillerson's comments indicate the U.S.is once again shifting gears, to ramp up its diplomatic and economic pressure on the regime. The Department of State continues to have discussions with the DPRK regarding three other US citizens reported detained.
  • Prime Minister Lee disappointed at statement issued by his sibilings

    Prime Minister Lee disappointed at statement issued by his sibilings

    In his statement on Wednesday, Lee said "I will do my utmost to continue to do right by my parents". He said he would continue to uphold meritocracy as a fundamental value of Singaporean society.

    Don't waste time, European Union Brexit chief Michel Barnier tells Britain

    One source close to the DUP talks said an agreement "should be wrapped up within 24 hours". The stakes for May are high as lawmakers return for their first day of business Tuesday.
    Preview CT 2017 Semi Final 1 :England vs Pakistan

    Preview CT 2017 Semi Final 1 :England vs Pakistan

    Captain Eoin Morgan declined to confirm the switch, citing tournament protocol to resist divulging his team before the toss. Jonny Bairstow has been in good form in county cricket . " Jonny Bairstow is our next man in line".