Ten to cut more costs due to recent poor performance
TROUBLED broadcaster Ten Network will cut an extra $35 million in costs and tap shareholders for $230 million in response to its recent poor performance.
Just over a month since cutting 100 jobs in its newsrooms, Ten has outlined more cost cutting from its news operations, as well as in programming and administration.
As already announced, its Breakfast and Ten Morning News programs have been scrapped, while content agreements have been improved to increase rights and reduce costs.
The broadcaster said its revenue share since the Olympic Games in August was at historical lows, and the outlook for advertising conditions were uncertain.
And chief executive James Warburton said advertising market conditions and Ten's revenue performance had continued to deteriorate since the company posted a $12.9 million full year loss in October.
Read more at News.com.au