Ten reports loss in 2020, but ViacomCBS committed to the financial support

August 2, 2021 3:03

ViacomCBS-owned Network Ten (Ten Network Holdings) has reported a statutory loss after tax of $3.4 million for the 2020 calendar year, including significant items, according to its financial report lodged with the Australian Securities and Investment Commission.

Excluding significant items, Network Ten reported an Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) profit of $53.6 million and an underlying profit after tax of $48.1 million.

Management are in the final phase of merging the ViacomCBS and Network Ten businesses in Australia, which have so far cost the business $17 million in restructuring costs. The ongoing restructuring has impacted news, operations and technology departments of the business. These changes included centralising the presentation of the weekday Ten News First bulletins in Sydney and Melbourne, while the Brisbane, Adelaide and Perth bulletins have remained locally produced.

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Olivia Kruimel

Olivia Kruimel was the managing editor at Mumbrella. She has more than 15 years of experience in journalism, communications and marketing. Her journalism career began at Fairfax Media (now part of Nine) and includes various B2B publications such as B&T, Travel Today and ALB. As a marketer Olivia has worked for Standard Chartered and various global law firms.