Seems like even television stations can also go into administration
10 Network Enters into Voluntary Administration
easternculture on 14/06/2017 - 16:05
Last edited 14/06/2017 - 16:46 by 1 other user
Last edited 14/06/2017 - 16:46 by 1 other user
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Maybe they can make a reality show about this.
Or go to the sharks in sharktank.
Too bad it's not The Project going into administration.
Administration just means the business is spending more than it earns, and won't be able to meet it's bills.
In this case, they have a big loan due at the end of the year that they were hoping to extend for a longer period, and use the borrowed money to pay their bills until they started making money again.
The billionaires who own most of TEN previously guaranteed the loan, meaning they would repay it if TEN couldn't work out how to make money again. They have been reluctant to extend that offer, so TEN have said, "fine, we'll appoint administrators."
Well, the TEN saying that is effectively the billionaire board anyway.
I think the wash up will be the billionaires mop up the rest of the business they don't own, cut a better deal with 20th Century Fox (ooh, conflict of interest at all, Mr Murdoch?) for cheaper US programming, get the benefit of the reduced licence fees the government has promised (explain why TV networks shouldn't rent the airwaves from the people again?) and likely dilution in media ownership laws so they can capture all the traditional media advertising in major markets.Then we will see that TV businesses can actually still make plenty of money.
The only silver lining is we got to see these clever grandees lose hundreds of millions first, before they got their government mates to change the rules in an attempt to save their bacon.The only silver lining is we got to see these clever grandees lose hundreds of millions first, before they got their government mates to change the rules in an attempt to save their bacon.
Isn't that a matter of perception? Maybe it was always a part of their plan to screw over mum and dad's shareholders and get the remaining shares for free…
Well, they could have stood by and waited for that outcome, if they had the foresight to see TEN's declining revenues. While I think they will do better than some of the other shareholders, they will certainly have lost much more than they needed to, even if TEN comes good in future years.
if they had the foresight to see TEN's declining revenues.
Of course they had the foresight to see that … a three year old kid could see it coming.
Well, they could have stood by and waited for that outcome,
It's really a question of timing. If they didn't come up with some arrangement in 2013 (to get a stake in the company, ie loan gaurantee), someone else would've and they wouldn't have a chance to acquire it for nothing now.
Will this mean more or less ncis?
good, nothing better than seeing the end of rubbish tv like masterchef and the project
Will be a closing down sale like DSE or Masters?;)
You mean they will mark everything up and there will be no real deals?
Not the first time for Ten.
Ugly duckling of TV delivered $1bn profit to backers