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Hamish McLennan Blames Lara Bingle For Tens Massive Loss

Posted: April 9th, 2013 | Author: | Filed under: World of the News | Tags: , , , , , | Comments Off on Hamish McLennan Blames Lara Bingle For Tens Massive Loss

World of the NewsStruggling television network Ten has swung to a $243 million loss on falling revenue and large write-downs. The embattled broadcaster’s first-half loss for the six months to the end of February was well down on a $14.8 million profit in the same period a year earlier. Ten blames $304 million in one-off write-downs, including a $292 million reduction in the value of its television licences, for the bulk of the loss.

However, Ten’s new chief executive officer Hamish McLennan, who has only been in the top job for around three weeks, says poor ratings and a resultant 16 per cent fall in revenue also hurt the company. Mr McLennan singled out some of network’s significant ratings flops last year as a significant cause of the revenue slump, and says he is looking to reach out to an older audience as well as maintaining the network’s traditional youth market.

The network has slashed its television costs by almost 11 per cent over the past 12 months to $247 million, after several rounds of job cuts, with the latest coinciding with the company’s full-year results in October last year. Ten has also reduced its net debt by $262 million in the first-half after raising more money from shareholders and selling its Eye Corp outdoor advertising business, leaving it with net debt of $1.2 million at the end of February :: Read the full article »»»»