Report Overview

Ten Network– going once, going twice, gone…?

Ten has been in trouble before and has withstood many hurdles in its history of more than 50 years but is this a bridge too far or a clever strategic play?

Venture Insights explores what went wrong, who are the likely suitors and why Ten will live to fight another day.

Key takeaways

• Ten Network Holdings (TEN) entered voluntary administration on 14th June 2017.
  

• The move was triggered after key shareholders said they would not secure a fresh loan of $250m. Lachlan Murdoch, James Packer and Bruce Gordon refused to extend their existing loan guarantees, obliging TEN’s Directors to call in Korda Mentha.

• The move means that one of Australia’s major FTA operators is on life support – but we expect it to survive. Being forced into receivership may be just what the doctor ordered, providing recapitalisation and restructuring opportunities.

• Key investors have agreed to provide support through until a suitable buyer is located. Ten will be assured sufficient cash to continue operations.

• Venture Insights expect Lachlan Murdoch and Bruce Gordon to secure control in a move which could pave the way for eventual ownership by News Corp