The Ten Network posted a full year loss of $156.8 million despite a 5.4% rise in revenue to $689.5 million.
Much of the loss was from a non-cash expense of $125.3 million, including a television licence impairment charge of $135.2 million and a net gain of $23.1 million on the sale of the Out-of-Home business.
The company says increased competition from online players who don’t have to pay licence fees is a major challenge.
CEO Paul Anderson says the past year has been a period of considerable change and steady progress.
“Our strategy of investing in prime time content and new distribution channels, coupled with the innovative and market-leading arrangement with MCN (Multi Channel Network), is producing sound results,” he says.
The Multi Channel Network representation was part of a deal which saw Foxtel take a holding of up to 15% in the network for $77 million.
Anderson says a 7.5% increase in TEN’s television revenue to $676.4 million in the 12 months to August was achieved in a capital city free-to-air television advertising market which declined 2.9%.
The company’s TV Everywhere strategy is working, he says. Tenplay had a 32% increase in unique video visitors and a 23% increase in video views. The number of tenplay app downloads increased 24% to 2.77 million.
The company’s line-up of content includes MasterChef Australia, The Bachelor Australia, The Bachelorette Australia, Shark Tank, The Great Australian Spelling Bee, Have You Been Paying Attention?, Offspring, Brock, The Wrong Girl and Australian Survivor.
Highlights of the 2016 financial year: