Channel 10 Is Going Into Voluntary Administration

Image: Ten

The parent company of the Channel 10 TV network is going into voluntary administration. The move means one of Australia's major commercial TV broadcasters is on life support -- but it's a move that may end up dragging it into the digital age and provide competition against streaming-only services like Netflix.

The announcement was made in a statement to the ASX. It has apparently been a long time coming, with the network's $60 million share value relatively underpriced for its potentially lucrative TV licence.

According to B&T, Ten has agreements that cost it around $150 million yearly with major US content providers CBS and 20th Century Fox -- deals that make it uncompetive in Australia's fast-changing media landscape. The announcement suggests that nearly half could be cut from that overhead long-term.

Ten had previously attempted to secure a $250 million line of funding, but failed after shareholders quashed the deal.

The announcement to the ASX says that, where possible, it'll be business as usual while Ten gets its house in order.


Wondering what's going to happen to your favourite TV shows? Head to Lifehacker for an explainer on how this will affect viewers.

WATCH MORE: Entertainment News


Comments

    So what would happen if channel 10 does go tits up and doesnt find new creditors?

    Investors might be hard to find if you are losing $200 million a year.

    The never ending MASH reruns were the only good thing about this channel.

      True. Most shows on channel 10 are utter crap. I hardly ever have channel 10 on and when I do its inevitably because of mash.

        Channel 10 has some of the best shows on TV.

          Well, that's more to do with personal opinion than fact. It all depends on what you like watching.

    I hope that means the end of The Project.

      How dare a show not be hardline conservative like the bolt report! SHUT IT DOWN!

        What an odd thing to say..

          Most conservatives hate the project because:

          A: Its not hardline conservative.
          B: Dares to criticize and ask questions
          C: Ones of its hosts is islamic.

          They love chucking sooky la la's about Waleed Aly and the project on a regular basis.

            The only people who could hate the project are conservatives?

            You're making a lot of assumptions based on nothing.

            The only one having a sooky la la here is you. It's stupid show. Calm down.

              Why is it a stupid show? Please elaborate.

          Pretty much this. Dude's acting like Network TV is saturated with eeeeevil 'hardline conservative' talk shows

    This is mainly a move to break contractual agreements without invoking penalty clauses.

    Thereafter, who knows. I can't see them breaking into an already saturated streaming market (Netflix, Stan, Foxtel Now, Amazon Prime). And their previous attempt at a streaming service didn't exactly end well. And it's probably too late to relaunch a viable competitor now.

    More likely fate is a desperate limp along for a while and sale of the remaining assets. There will be some of value (IP, equipment, real-estate, etc).

    It's an early sign of the decreasing feasibility and impending death of FTA TV.

      Spot on, they're not actually broke - with a bit more research, you'll see that they used less than half of CBA's loan and aren't actually cash strapped. This is just a corporate move to get out of contracts with US producers.

      They'll be back soon enough.

        That's not a card you play when everything is rosey. They're burning a lot of bridges here.

    Free to air TV ? Channel 10 ? whats this? everything I need is on the net , whats the free to air thing? you mean TV by appointment ? like a cave man ?

      This. I don't even have my TV where my antenna port is, it's so useless to me

        I have a computer hooked up to my tv but 90 percent of what I watch is on free to air tv. You tube gets boring quick. With FTA I can change a channel every so often and have a night's full of entertainment. With you tube you have to keep scanning to see if anything is worth watching, play content and half an hour later do it all again. It's all too much work just to watch a bit of tv. My son is like you and I'm amazed at how much stuff he misses out on. You tube is a mugs way of watching tv.

          I don't spend much time watching much of anything. I'll watch a few of my shows online, watch abc news online then that's about it. Never understood having a TV on just for the sake of having the TV on

        I haven't had an antenna connected since 1999. The ads are atrocious.

      FTA still has a place in the world - reliable broadband still doesn't reach everywhere and a big transmitter reaches a wide area without any extra wiring to each property.

        Yes, Hard to believe people do actually watch all those reality TV Shows on FTA.

          Well done, another stupid comment. Yeah, like there's nothing else on FTA tv but reality tv. Maybe you should get out of your Mummy's basement and see what happening in the real world.

            Insert "the joke, Your head" meme here.

              Give me shit and I'll give it back. I'd rather we just focus on the stories and leave the snide remarks behind.

    years ago almost everyone could see the growth of internet-based streaming services and yet they sat back and watched as their market share slowly disappeared.

    I know I'm in the minority, but most of the (few) shows I watch on FTA are on 10, I'll be disappointed if they lose shows because of this!
    Although if Netflix or Stan get them instead, I won't be disappointed...

    Built a new house and haven't bothered putting an aerial on the roof. Don't think I'll ever bother to get one. I have a couple of coax ports that go nowhere, might replace them with Cat6 if I can be bothered.

      So what do you watch ? Do you stream to your tv.? So you would rather pay for shows than get them for free.

        Netflix and hulu allow me to watch what i want when i want. Not when the broadcasters decide and chuck it full of ads every 5 mintues. Yes i would rather pay.

          With Freeview you can watch what you want when you want although yes it comes with ads. There's ads all over this site as well but it's the ads that allow us to visit this site for free. Same with FTA. You pay for Foxtel and you'll still get ads. It'll happen to Hulu and Netflix sooner or later.

            I would rather just complete the transaction in cash. TV isn't free so I'd rather pay them money than go through the whole song and dance of pretending it's free when really I pay in time and show quality.
            If Netflix put ads in it's shows, and it won't since that will just hand the ball to the competition, I'd just cancel it and find something else to do with my time. Free to air has no place in my life.

              Fair enough but I suspect that if FTA dies then all the streaming sites will Jack their prices up and start adding adverts. Without competition from FTA these companies will start screwing you big time. You can't trust big business.

        I haven't watched FTA in nearly two decades, and for a big chunk of that time, I only had dialup internet.
        I buy my shows on disc, or these days stream them.
        I'd rather do that than watch ads and mindless crap.
        Our 'TV' is only on when we really want to sit down and enjoy something, it isn't just on all day as background noise as it appears to be for most people.
        That is fine if you like the TV on as company or whatever, but we don't miss it in that regard, the kids aren't bombarded with, and made disgruntled by marketing, and I think we enjoy watching stuff a lot more.

          Fair enough. My tv is on as soon as I wake up and on again as soon as I'm home. If I want to watch a specific movie, I'll watch it on pop corn time.

    Death to FTA Television!

    One down, a few more to go... either that, or someone is getting a broadcasting license for $60million, which is pretty damn cheap.

      Ha ha ha your so funny. Nope, channel 10 is safe and FTA ain't going anywhere. Why the fuck would anyone want to pay to watch tv is beyond me.

        Why anyone would want to watch free TV with the advertising and shitty low res compressed like garbage quality is beyond me.
        Each to their own.

        There is no need for profanity.

        Popcorn Time is free, as far as I can tell...

          Yep, sure is. I use it all the time. Shhhh, don't tell the Gov that though.

Join the discussion!

Trending Stories Right Now