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ⓘ Ten Network Holdings Ltd, is one of Australias major media companies. Headquartered in Sydney, the companys major asset is Network 10, an Australian free-to-air ..




Ten Network Holdings
                                     

ⓘ Ten Network Holdings

Ten Network Holdings Ltd, is one of Australias major media companies. Headquartered in Sydney, the companys major asset is Network 10, an Australian free-to-air television network. Formerly a public company listed on the Australian Securities Exchange, since December 2019 it has been owned by ViacomCBS Networks UK & Australia, a unit of American media conglomerate ViacomCBS.

                                     

1. Assets

While originally focusing on running a television network, Ten has recently diversified into a range of other media areas over the past decade. Below are some of the businesses it has run, or is involved with:

  • NEW Perth
  • Network 10
  • TVQ Brisbane
  • TEN Sydney
  • ADS Adelaide
  • ATV Melbourne
  • 10 Peach
  • Multi Channel Network 24.99%
  • 10 Play
  • Spree TV 50%
  • 10 daily
  • Media Choice LLC
  • 10 Bold
  • Outdoor Plus Pty Limited
  • Ultimate Media Group Pty Limited
                                     

2.1. History Establishment and relationship with The Ten Group

Ten Network Holdings TNH was established in 1998. It allowed shareholders to invest in The Ten Group Pty Limited, the owner of the Ten television network. TNH had a 78.29% shareholding in The Ten Group, representing a 39.14% economic interest in the Group. Canadian media company CanWest had a 57.5% economic interest in The Ten Group and was the Groups other major owner. In June 2007, CanWest decided to convert its stake in The Ten Group into shares in Ten Network Holdings, giving it a 56% shareholding in TNH. This saw TNH take 99% ownership of The Ten Group and become the central company in Tens corporate structure. In February 2008, the other shareholders in The Ten Group exchanged their shares in that company for shares in TNH, giving TNH 100% ownership of The Ten Group.

                                     

2.2. History CanWest Sale

On 24 September 2009, CanWest announced that it was selling its 50.1% stake in Ten Network Holdings for A$680 million following the 2006 concentration/restriction on Australian media ownership, in order to pay down its significant debt, although it was not enough to save the former parent, which went out of business the next year.

                                     

2.3. History James Packer share purchase

During October 2010, James Packer, through his private for Consolidated Press Holdings bought 17.88% of shares in Ten Network Holdings. Half of this was then bought from Packer by Lachlan Murdoch; the two are listed as joint owners of 17.88% of the company

On 26 November mining magnate and Australias wealthiest woman, Gina Rinehart was appointed a position of the board after purchasing 10% of the company.

Speculation surrounds the future of the Packer investment as upcoming changes to sport broadcast regulation and Tens low share price in a slowly resurgent market are seen as possible drivers for the current stake.

On 23 February 2011, the board of Ten Network Holdings terminated the contract of CEO Grant Blackley. Lachlan Murdoch was appointed acting CEO. In February 2012, Murdoch was appointed Chairman by the board, replacing Brian Long who became Deputy Chairman, with James Warburton as the companys CEO.

On 26 March 2014 Hamish McLennan was appointed Executive Chairman after becoming Chief Executive Officer and Managing Director of the Company in March 2013 replacing James Warburton. Lachlan Murdoch retired as Chairman and a Director to join News Corp and 21st Century Fox as Non-Executive Co-Chairman.

On 27 July 2015, Paul Anderson was appointed Chief Executive Officer, and Non-Executive Director David Gordon was appointed Chairman after Hamish McLennan stepped down from both roles.



                                     

2.4. History Foxtel takeover bid

In 2014, News Corp/Telstra-owned Foxtel and U.S. cable company Discovery Communications made a joint-venture to take a bid on Ten. Other U.S based companies and investment firms, such as Anchorage Capital Group and Saban Capital Group, were also on the bidding list. However, this was opposed by WIN Corporation owner and Ten shareholder Bruce Gordon stating that Ten would remain in the Australian hands.

On 15 June 2015, Foxtel officially agreed to buyout 15% shares in Ten Network Holdings, pending the approval from the Australian Competition and Consumer Commission. Prior to the acquisition, Discovery backed out from bidding partnership with Foxtel.

There were numerous reports stated that Foxtel will push-through the 15% acquisition of Ten once the Australian government will abolish the restriction on cross-media ownership.

                                     

2.5. History 2017 financial turmoil

Announcing an AU$232 million half year loss in 2017, Ten Network Holdings warned that there was "significant doubt on the groups ability to continue" and their future hinged on an extension or renewal of an AU$200 million debt guarantee by three of its largest shareholders Lachlan Murdoch, Bruce Gordon and James Packer which expires on 23 December 2017. In June 2017, Murdoch, Gordon and Packer withdrew support for a $250 million guaranteed loan that would remedy the expiring $200 million debt guarantee. In response, Ten requested its shares on the Australian Securities Exchange be placed in a 48-hour trading halt while it assessed its options concerning receivership. On June 14, Ten went into voluntary administration.

                                     

2.6. History Purchase by CBS

Upon the news of receivership, Tens largest shareholders Murdoch and Gordon attempted to merge their assets to save Network 10. The Australian Competition and Consumer Commission even stated that they will not oppose the said merger bid, which would saw both shareholders enjoying a 50% stake in the network.

However, on 28 August 2017, Tens administrators announced that US media company CBS Corporation which has a 33% share in channel Eleven had entered into a binding agreement to purchase the company for $123 million, subject to approval of the Foreign Investment Review Board. CBS refinanced Tens existing debt including guarantor fees to billionaire shareholders James Packer, Lachlan Murdoch and Bruce Gordon, and existing loans from the Commonwealth Bank. As a result, once the deal is approved, CBS will take over in full with current shareholders losing their shares and its value.

Gordon and Murdoch, whose joint bid for the company has not been accepted, went to the Supreme Court of New South Wales in an effort to delay CBSs takeover of Ten. This delayed the administrators meeting with creditors until 12 September. At the meeting, creditors overwhelmingly voted in support of CBS bid, citing concerns over Murdochs management of Ten over the past years and talk of mass job cuts in the news department under Murdoch ownership. On 10 November 2017, the Supreme Court approved the purchase.

On 16 November 2017 the purchase by CBS was completed and shares were transferred to CBS Network 10 BV, a company registered in the Netherlands. The company became a division of CBS Studios International.



                                     

2.7. History Post-takeover

The company launched the news, entertainment and lifestyle website 10 daily in May 2018. The site was conceived while Ten Network Holdings was an independent company and was intended to launch in September 2017.

                                     
  • Technical Bulletin Forthcoming Changes to Network Ten s Digital Transmissions PDF Ten Network Holdings February 2009. Archived PDF from the original
  • operates AMC Networks International, its global division. The company was originally launched in 1980 and formerly known as Rainbow Media Holdings LLC or
  • broadcast by Network 10 10 HD in Australia, across its digital channels 10 Peach and 10 Bold as well as regional affiliates WIN and Network 10 Regional
  • Europe, Middle East and Africa ViacomCBS Networks Asia Pacific Ten Network Holdings Viacom 18 ViacomCBS Networks Americas Former brands include TMF and
  • Executive Officer and Managing Director of Australian Media company Ten Network Holdings McLennan began his career in Sydney, working for Australia s largest
  • the CEO of Ten Network Holdings the parent company of Network Ten called Potter a giant of Australian journalism. According to Ten Eyewitness News
  • as well as all the national updates from there. Then Ten News Perth was in late 1988 Network Ten s first ever local newscast that had ever been broadcast
  • Big Ten Network this may allow for the possibility of more involvement by the Big Ten Network in the event, including the use of Big Ten Network staff
  • into Crown Media Holdings Inc. in 2000 as part of a re - organizational plan that included the company going public. Crown Media Holdings was formed as a

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