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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 »»»»

Ten Network Sells EYE Corp

Posted: July 20th, 2012 | Author: | Filed under: Media, Television, World of the News | Tags: , , , , , , | Comments Off on Ten Network Sells EYE Corp

World of the News - Ten Sells EYEAustralia’s least favourite television network – Ten Network – has announced the sale of its EYE Corp outdoor advertising business to Champ Private Equity for up to $AU145 million. The sale will proceed via Champ’s outdoor media interest Outdoor Media Operations – OMO – owner of oOh!media.

Ten will receive $120 million cash on completion of the sale, with $AU25 million deferred for three years, the full payment of which will depend on various factors. One of those factors is the price that OMO can get for EYE’s United Kingdom and US businesses, which intends to sell off immediately. Ten may also choose, or be required, to repurchase those businesses if they are not sold within an agreed timeframe.

Ten is also keeping oround $AU16 million worth of “onerous contracts”, but subcontracting the operation of them to OMO. The  Ten statement notes certain of EYE’s Australian contracts will be retained by Ten, but the operation of the relevant assets will be subcontracted to OMO. The net present value of these contracts is estimated at around $AU16 million :: Read the full article »»»»

World of the News

Posted: February 24th, 2012 | Author: | Filed under: World of the News | Tags: , , , , , , , | Comments Off on World of the News

World of the NewsJK Rowling: Author of the Harry Potter book series, is writing her first novel for adults The British writer, 46, whose teenage boy wizard tales became international best-sellers and inspired a series of hit films, said on Thursday her new novel would be “very different” to the Harry Potter books that made her a household name and turned her into a billionaire. The Simpsons 500th Episode: Our favorite four fingered family, The Simpsons, have reached another milestone. On Sunday the 19th The Simpsons aired their 500th episode, “Long Last Leave”, Episode 14 of Series 23 to be precise. Since first airing December 17, 1989 the Simpsons have gone on to become an an institution of hilarity. Springfield’s all over America have never been the same. Australian Media Roundup: Fairfax’s 40 percent drop in revenue is about to take it’s toll on employees, the Seven Network ups it’s profits and market share. Meanwhile, Ten Network Holdings has warned that its half-year profits will be significantly down on the year before due to a drop in revenue from its television and outdoor advertising divisions. Rupert Murdoch’s latest venture, The Sun on Sunday kicks off this weekend, the challenge for Murdoch’s new Sunday tabloid: Keep the scoops, drop the sleaze.  Drone Journalism: ABC has a superlative piece on one of the emerging tools in modern journalism ‘No Brooks it’s not your finger followed by your halitosis‘ Drones play an increasing and controversial role in modern warfare. From Afghanistan and Pakistan to Iran and Yemen, they have become a ubiquitous symbol of Washington’s war on terrorism. World of the News Online: Gannett, the largest United States newspaper chain, has announced plans to begin charging for online access to its 80 US dailies by the end of the year with the exception of flagship USA Today. Read the full article »»»»