Ten shares drop for second day running after bad news on ad revenues
Shares in Ten took a further drop when the ASX opened this morning, marking a fall to their lowest point of the year.
The company share price fell to 24.5c, valuing it at around $650m. Combined with yesterday’s fall, nearly $100m has been wiped off the company’s market capitalisation in the last 24 hours.
Source: Google Finance
The network says that its ratings have improved slightly since Masterchef returned and that this should be reflected by improved advertising share going forward.
Tim Burrowes founded Mumbrella in 2008. He worked on Mumbrella until 2021. At various points he was editor, content director and editor-at-large.
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For the network value to be 650m the CEO and management team should look in the mirror and be comfortable what they see. As a shareholder not big but not tiny, can’t wait for the AGM
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Don’t worry interested observer, the exec team will blame Warburton and the past execs
CEO is Chairman of the board so any sense of proper governance is also out the window at Ten. Just like at its likely acquirer.
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I suspect we will see it fall even further – when the full reality of revenue shares and costs are disclosed in due course.
That is before announcement that “the programming cupboard may be bare for the second half”.
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I say it every day – Deck chairs on the titanic
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