Ten share price slides after warning of ‘short’ ad market
Network Ten’s share price dived by nearly 20% today following the company’s financial results presentation in which Ten CEO Paul Anderson warned of an “extremely short” advertising market.
However, the market reacted quickly to Ten’s results – and flat outlook – with its share price (ASX: TEN) dropping from $1.42 at open to $1.18 by 11.25am.
The share price remained steady throughout the afternoon before dipping to a low of $1.15 at 3.55pm.
Ten now has a market capitalisation of $418.34m – a fall of nearly $100m on its value at the start of the day.
Anderson told investors: “In terms of outlook the advertising market remains extremely short in terms of forward bookings and its something I’m sure you have all heard before.
Anderson: Outlook is short
“There is no doubt the market is short and bookings are short. I think you’ve had that commentary probably from all three networks. We have no visibility over what we think the market is going to do for the next six months of 12 months so our sincere hope is that post the election and Olympics we get back to some normality.
“Now clearly September hasn’t shown that , but our performance in terms of the things that we can control, our share, we are relatively happy with that. What we want to do is see the market return to positive territory.”
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