Ten shares slump as it warns of lower revenues
Shares in Ten have slumped by nearly eight per cent today after the company warned the market that it expects its revenues to be down by 3.5%-4.5% compared to last year.
The ratings-starved company also warned that its share of revenue from the free to air TV market had slumped to 20.7 per cent for the nine months up to the end of May.
The company cited a volatile advertising market.
The company’s share price now sits at 27c, giving it a market capitalisation of $700m.
In the announcement to the ASX, the company said: ‘Ten’s recent ratings have improved post Easter since the launch of Masterchef Australia and Offspring. The expectation is that Ten’s television revenue should improve to reflect this.
“The free-to-air metropolitan television market, however, remains volatile and Ten expects that its television revenue for FY14 will be approximately 3.5% – 4.5% below the prior year.”
Earlier this week, the Standard Media Index numbers for May suggested that Ten’s revenue share was below 20% for a second month running, while both Seven and Nine had for the first time pulled in 40%+ each.
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What a surprise ! (not) This is exactly what the industry forums have been suggesting – ratings down and revenue down.
Me think this is terminal. If News Limited end up with this company one way or another – i wonder who will protect the little shareholder ?
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I am planning to buy a stack of Channel 10 shares. My financial adviser has told me that Family Feud is a game changer.
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Deck Chairs on the titanic
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I have the solution! Get Mike Morrison back!
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Bring back Blackley
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How long can Hamish last?
Seriously.
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So Lou Barrett and Daniel Lavell have failed miserably, shock horror. Nice timing Barry O’Brien. Good bye Ten. You can’t polish a turd.
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I’m sure the executive team are planning what’s next in between the parties they are attending in Cannes!
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Can the Project or rename it the Projectile Vomit. It’s an absolute joke and you can’t afford a lead into prime time that polarises audiences to that degree.
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The only thing about this that makes me smile is that the architect of Ten’s misfortunes, Lachlan Murdoch, has left and is now the CEO of News Corp. And to add to their new self inflicted misfortune they’ve now got the Daily Mail here cutting their grass and far more people are accessing Fairfax’s sites online then can be bothered with News Corp’s.
Schadenfreude.
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The only solution that protects all shareholders large and small if for the boss to fall on his sword, and as he goes, take out all the other underperforming departmental heads he bought in from agency land which have contributed to the sad company it is. If this was not media, changes from the board would have happened ages ago. Problem the board have is who would take the job as every CEO has failed for years compounding the problem. An audited revenue share of 19.3 then 18 is just unacceptable ask anyone who knows media. 7 and 9 sales go to work each day in the knowledge that they are pretty safe to get plus 40 and 10 well they will do anything to get the scraps. That is not healthy for the ad market.
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Bring back Bert Newton! he could reprise some of his most famous shows eg New Faces (cunningly renamed Old Faces given all the old fogies Ten gave brought back to help their revival). To save a bit of money, He could also do an Eddie Maguire and take on the CEO role. Couldn’t do any worse than the incumbent.
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Oh look its the mumbrella/ten troll train…..
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The moving Hamish destroys and having destroyed, again, moves on. Hopefully soon. Hopefully far.
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Hilarious that Management are blaming a volatile ad market.
Methinks they all need to buy a mirror………
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Quote: In the announcement to the ASX, the company said: ‘Ten’s recent ratings have improved post Easter since the launch of Masterchef Australia and Offspring.”
…and who commissioned these 2 shows? Not the current management. So they are celebrating the fact that their ratings have increased with shows they had nothing to do with. To confuse everyone even more Hamish still tells anyone who stands still long enough that all of Ten’s current problems were caused by previous management, never taking any responsibility himself. You can’t have it both ways.
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