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Seriously downgrading

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TEN Network Holdings Limited (TEN) shares have fallen after it downgraded its full-year earnings for 2008.

TEN exec Nick Falloon blamed external economic conditions impacting the free-to air television advertising market in Australia.

“Given these influences, combined with the already anticipated impact of the Beijing Olympic Games in the fourth quarter, management forecasts now indicate that TEN’s television 2008 EBITDA will be down by approximately 10% when compared with the $237 million achieved in 2007,” he said.

Mr Falloon noted at the time of TEN’s half year result in late March 2008 that the television advertising market was remarkably resilient despite the prevailing economic conditions and, at that point in time, revenue growth was tracking well.

“Television costs remain firmly under control and TEN continues to track in line with previous guidance of television cost growth, ex selling within 5% for the full financial year,” he said.

“In addition, we remain confident that TEN will increase its share of revenue during the current half year period to 30 June 2008 and we are pleased with the Network’s improved ratings performance.” Really?

TEN also reported its results for the third quarter with consolidated revenue at $250.2 million and consolidated EBITDA of $38.2 million for third quarter of 2008.

Source: livenews.com.au

5 Responses

  1. dakota, they could fill those slots with a dozen new shows and the money poured (or wasted) into BB could easily fund another two locally made shows. Saying that there wouldn’t be enough shows to fill the BB void is a bit zany, theres a ton of shows out there that are way better than BB (not a hard feat) and could run circles around BB’s ratings.
    BB is a tired and beaten format, no ones interested anymore and as far as claiming it as some sort of social experiment, the conclusion is no one really cares!
    And whats wrong with Matt Groening cartoons? The Simpsons is an institution that Ten doesn’t over play anymore and theres brand new episodes of Futurama on the way!
    Its a great day!! lol

  2. What could be worse is if they stuck bloody Matt Groening cartoons in the slot instead. Its been amazing not to have stale crap like The Simpsons and Futurama polluting the weekday 6/7pm slots. Thank God Ten had the sense to buy the rights to Friends.

  3. Ok I have to say, that fair enough Big Brother may not be rating as well as it has in the past, but seriously what on earth would they play in its place that could rate better in the million timeslots it fills up each week? I’m sorry if I sound aggressive or anythign like that, I just get sick of everyone complaining about BB and Channel 10, but I honestly can’t see how they could be worse? However, I will concede this year is a let down, but the nature of BB is that each year is different, its what they make of it really.

    Dak

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