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Australia's third-largest TV network records massive first-half loss, future in doubt

Xinhua, April 27, 2017 Adjust font size:

Australia's third-largest television network has cast significant doubt on its own future after the Ten Network posted a 232 million Australian dollar (174 million U.S. dollar) first-half loss in 2016-17.

The network, which in 2016 secured a 9.3 percent share of the national audience, said that market conditions and a trend of viewers shutting off television in favor of streaming services was harming the network's business model.

The 53-year-old network said it would aim to secure a new debt financing loan from a group of backers already supporting the network, including News Corp's co-chairman Lachlan Murdoch, respected businessman Bruce Gordon and majority owner of Crown Resorts, James Packer.

In a statement released to the Australian Stock Exchange (ASX) on Thursday, Ten Network said the first-half result had cast "significant doubt" over its future.

"As a result of the matters disclosed, there is a material uncertainty that may cast significant doubt on the group's ability to continue as an ongoing concern," Ten Network said on Thursday.

"Therefore, it may be unable to realize its assets and discharge its liabilities in the normal course of business."

Ten Network CEO Paul Anderson said a 2.1 percent growth in revenue was "not enough to offset the weak conditions in the advertising market."

"Ten continues to improve revenue and revenue share in a difficult market. The long term focus on delivering advertisers the benefit of a world-class automated trading platform continues," he said in a statement on Thursday.

In the last five years, the value of shares in Ten Network has fallen by more than 98 percent.

The Ten Network is the third oldest commercial TV network in Australia, younger only than the Seven Network and the Nine Network. Endit