Network Ten in Australia has posted a full-year net loss of A$312.2 million (US$226.5 million), though a glimmer of hope was found in its improving television revenues.
Though the loss was almost double the A$168.3 million posted last year, television revenues at parent Ten Network Holdings were up A$629.3 million, and underlying EBITDA was up.
Ten CEO Paul Anderson attributed to growth to strong ratings – it has recorded its largest primetime audience since 2012, performance improvement across platforms and last year’s restructuring efforts. Costs were also down 6.5%
However, the overall loss for the year to August 31 was primarily down to Ten writing down its TV licences to the tune of A$251.2 million, a development that followed similar moves at commercial television rivals Seven West Media and Nine Entertainment.
Meanwhile, Ten has put a trading halt of its shares and announced a fully underwritten A$77 million entitlement offer to shareholders, which is part of the deal that will ultimately see pay TV operator Foxtel take its 15% stake in the broadcaster.
Foxtel was last week granted regulatory permission to go ahead with the transaction, which will see Ten become a 24.99% shareholder in ad sales firm Multi Channel Network and have a two-year put option to buy into SVOD platform Presto.