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Ten Network's entertainment line-up just not tickling viewers' funny bones Ten Network's 'ageing' entertainment line-up has viewers switching off
(35 minutes later)
Ten management has blamed a schedule of “disappointing” entertainment shows and “ageing program franchises” for posting a $7.98m loss for the first six months of the network’s financial year.Ten management has blamed a schedule of “disappointing” entertainment shows and “ageing program franchises” for posting a $7.98m loss for the first six months of the network’s financial year.
While Ten’s ratings performance was momentarily lifted earlier in the year by the Big Bash League cricket and the Sochi Winter Olympic Games, the network had “failed to capitalise on momentum”, executive chairman and chief executive, Hamish McLennan, told the market on Thursday.While Ten’s ratings performance was momentarily lifted earlier in the year by the Big Bash League cricket and the Sochi Winter Olympic Games, the network had “failed to capitalise on momentum”, executive chairman and chief executive, Hamish McLennan, told the market on Thursday.
“We have consistently said that it will take time to improve Ten's ratings, revenue, earnings and returns to shareholders,” McLennan said.“We have consistently said that it will take time to improve Ten's ratings, revenue, earnings and returns to shareholders,” McLennan said.
“Our sport, evening news and current affairs programs are performing well, along with the Eleven joint venture, One and our daytime program schedule. But the Ten channel's general entertainment content and scheduling has underperformed and needs to be improved.”“Our sport, evening news and current affairs programs are performing well, along with the Eleven joint venture, One and our daytime program schedule. But the Ten channel's general entertainment content and scheduling has underperformed and needs to be improved.”
Ageing program franchises include Australian factual series Bondi Rescue and reality import The Biggest Loser, which are both in their ninth seasons and not attracting significant audiences.Ageing program franchises include Australian factual series Bondi Rescue and reality import The Biggest Loser, which are both in their ninth seasons and not attracting significant audiences.
Ten’s new entertainment show hosted by The Project’s Carrie Bickmore, So You Think You Can Dance, has also flopped and the network is often finishing behind the ABC as the fourth-placed free-to-air broadcaster.Ten’s new entertainment show hosted by The Project’s Carrie Bickmore, So You Think You Can Dance, has also flopped and the network is often finishing behind the ABC as the fourth-placed free-to-air broadcaster.
McLennan also warned of a “short” advertising market in the second half. The company failed to pay a dividend to shareholders.McLennan also warned of a “short” advertising market in the second half. The company failed to pay a dividend to shareholders.
“Strict cost control is part of Ten's DNA and we will continue to find ways to work smarter and more efficiently,” McLennan said. “At the same time, we will make prudent and strategic investments in content to execute our turnaround strategy."“Strict cost control is part of Ten's DNA and we will continue to find ways to work smarter and more efficiently,” McLennan said. “At the same time, we will make prudent and strategic investments in content to execute our turnaround strategy."
Ten’s net loss after tax of $8m was an improvement on a reported net loss of $243.3m last year but only because of non-recurring charges of $244.8m.Ten’s net loss after tax of $8m was an improvement on a reported net loss of $243.3m last year but only because of non-recurring charges of $244.8m.
Ten told the market it was focused on improving its entertainment programming and would soon air new seasons of MasterChef Australia, Offspring, 24: Live Another Day and Under the Dome.Ten told the market it was focused on improving its entertainment programming and would soon air new seasons of MasterChef Australia, Offspring, 24: Live Another Day and Under the Dome.
McLennan, Ten’s fourth chief executive in four years, added executive chairman to his duties last month after Lachlan Murdoch stood down as Ten chairman to take up the new role of non-executive co-chairman in his family company, News Corp.McLennan, Ten’s fourth chief executive in four years, added executive chairman to his duties last month after Lachlan Murdoch stood down as Ten chairman to take up the new role of non-executive co-chairman in his family company, News Corp.
Murdoch, who was at the helm of Ten for almost three years, presided over a period of redundancies, cost-cutting and executive upheaval which have seen Ten’s ratings and revenue slide.Murdoch, who was at the helm of Ten for almost three years, presided over a period of redundancies, cost-cutting and executive upheaval which have seen Ten’s ratings and revenue slide.
Murdoch and fellow billionaires James Packer and Gina Rinehart remain key shareholders after buying into the company three years ago.Murdoch and fellow billionaires James Packer and Gina Rinehart remain key shareholders after buying into the company three years ago.
McLennan’s workload has been lightened with the announcement on Thursday that the chief financial officer, Paul Anderson, would take over more of the day-to-day running of the network with the additional role of chief operating officer.McLennan’s workload has been lightened with the announcement on Thursday that the chief financial officer, Paul Anderson, would take over more of the day-to-day running of the network with the additional role of chief operating officer.
“The strong executive team I have built at Network Ten over the past year will allow the company to address its operational challenges and execute its turnaround strategy,” McLennan said.“The strong executive team I have built at Network Ten over the past year will allow the company to address its operational challenges and execute its turnaround strategy,” McLennan said.
“Paul has been a great support to me in my role as chief executive officer and as I take on the additional responsibilities of executive chairman it is appropriate to expand his role.“Paul has been a great support to me in my role as chief executive officer and as I take on the additional responsibilities of executive chairman it is appropriate to expand his role.
“Paul has been an outstanding contributor to the company, has a deep understanding of our business and is well respected throughout Network Ten and by the board.”“Paul has been an outstanding contributor to the company, has a deep understanding of our business and is well respected throughout Network Ten and by the board.”