This morning Ten Network — which broadcasts weight loss show The Biggest Loser — posted a $243.3 million loss.
Ten boss Hamish McLennan said in a release the results reflected poor ratings and revenue performance.
In response McLennan says the network will target a slightly older viewer, following the failure of shows like The Shire targeted at younger viewers the company now acknowledges are “promiscuous”.
Total revenue fell 14% to $307.6 million and no dividend was paid.
Underlying profit was $6.8 million.
There were also “significant” one-off charges, including an impairment charge on the value of Ten’s license which cost the company $291 million.
After taking action, including a $230 million capital raising, TEN now has one of the “healthiest balance sheets in the Australian media sector,” McLennan, who took the top job in March, said.
While ratings have been bad, McLennan said that with the Biggest Loser: The Next Generation, along with Mr & Mrs Murder and David Attenborough’s Africa and Elementary, things were looking better.
Support from advertisers had also been “encouraging,” but the market remained short and it was not clear when trading conditions would improve, he said.
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