“Ten’s announcement today that it will enter voluntary administration is a wake-up call to opponents of media reform.”: Minister for Communications and the Arts, Mitch Fifield.Credit: Alex Ellinghausen
During this period, operations would continue “as much as possible on a business as usual basis”. Viewers are unlikely to notice any immediate change to broadcasting and scheduling.
“The directors of Ten regret very much that these circumstances have come to pass,” the statement read.
The board wished the troubled broadcaster and its management “all success in the future as the administrators look to the potential sale or recapitalisation of the business”.
“[The board] wish to take this opportunity to thank all Ten employees and contractors for their commitment and enthusiasm for Ten’s programs and business.”
A committee of creditors will meet before next Thursday, to be followed by a second meeting to be held by July 20, when KordaMentha will propose either returning Ten to the board of directors, selling it, or giving creditors control. Creditors currently include Commonwealth Bank, which is owed $200 million by December 23.
The statement said Ten had identified savings that would boost earnings by $50 million in the 2018…
