The TEN Network suffers a huge loss as it writes down the value of its TV licence

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TEN Network posted a $264.38 million loss for the half year as it writes down the value of its television licence.

Excluding the write downs of $251.2 million, the loss for the six months to the end of February was $13.18 million, compared to $8 million in the same period the year before.

Revenue beat expectations, losing 2.2% to $324.25 million. Market analysts had forecast revenue down as much as 3.9%.

CEO and chairman Hamish McLennan said the television advertising market remains “short” in terms of forward bookings and is difficult to predict.

He said TEN remained committed to the key elements of the strategic plan, including cost cutting and the development of event content aimed at 25 to 54-year-olds, such as premium live sport.

TEN successfully launched new programs I’m a Celebrity … Get Me Out of Here!, Shark Tank and Gogglebox.

Premium sport includes V8 Supercars and RPM added to Formula One, MotoGP and the T20 Big Bash League cricket competition.

TEN’s digital platform, tenplay, has just under 2 million app downloads since its start in September 2013.

In the six months to the end of February, tenplay had 14.6 million unique visitors, up 23%, with 134.6 million page views, up 64%, and and 66.3 million video views, up 52%.

TEN shares were up almost 1% to $0.207.

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