Australia’s third-placed TV network Ten has entered voluntary administration after three of its biggest commercial backers shied away from providing ongoing support to the business.
The news was first revealed by Fairfax Media and formally confirmed today. Fairfax Media reports Korda Mentha will be appointed as administrator. The administrators are Mark Korda, Jennifer Nettleton and Jarrod Villani.
Ten said it has already made progress on its transformation process with initiatives expected to increase earnings by $50 million in FY18 and more than $80 million per annum by FY19.
It has also made progress renegotiating new content deals with US production houses.
“In relation to the renegotiation of programming contracts, the Com…
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