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TEN: profit down, staff cut

TEN has cut back staff across the company amid the advertising downturn but hasn't said how many.

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TEN Network chairman Nick Falloon said the broadcaster has cut back staff across the company as it feels the impact of the advertising downturn.

Mr Falloon would not say how many jobs had been shed at TEN and its outdoor ad company, Eye, but staff numbers had been reduced on an ”ongoing basis”.

Mr Falloon said TEN expected to deliver zero cost growth in fiscal 2009, while introducing a range of new television shows and launching its new sports channel, ONE, in early 2009.

TEN, Australia’s third biggest television broadcaster, told shareholders at the meeting that its underlying earnings for the first quarter of fiscal 2009 had fallen 25.2% in a tough advertising market.

Group earnings before interest, tax, depreciation and amortisation (EBITDA) were down to $91.6 million in the period, from $122.5 million in the prior corresponding quarter.

Source: The Age

14 Responses

  1. I get really p—-d off with the way frauds con less than qualified company boards into paying mind blowing sums +.

    They are the ones responsible for most of the current financial hardships the average joe-blows are suffering.

    No-one, but no-one on this planet is demonstrably able to justify a salary in excess of $1million p.a on an indefinite basis, plus all of the trimmings that go with it. It should be legislated that remuneration to the likes of -but not exclusively – Nick Fallon, be supported by evidence of quality management during the preceeding year resulting in acceptable levels of dividends to share holders and improvements in company growth and profitability. i.e – No dividends or net profit means no bonuses, severance payments, salary increases until the losses are zeroed and the black side of the ledger re-instated.

  5. Waits for day when shareholders and regulatory boards start to sue execs for their mismanagement.How can Falloon and his fellow execs justify their exorbitant wage

  6. It’s also funny how they keep saying and implying to advertisers and the media that it’s the downturn in the advertising market that is the only problem they have. They are the ones creating more problems than need be.

  7. Just a question,

    Ron Wilson is moving to TEN’S Early Morning News, what happens to his 2nd job as News Reader for Macquarie National News Radio in the Mornings.

    Will they clash?

  8. i am not confident that ten will be able to launch a new channel (ONE) and introduce new shows whilst “deliver[ing] zero cost growth”…

    btw is “fiscal 2009” the financial year 2009 (ie 01/07/08- 30/06/09) or the calender year?

  12. Hmmm, could this be due to poor programming, in correct start times, over-running of shows, to many primetime repeats, constant cancellation of quality programs which leads to less viewers? I think so

  14. I’m just sitting back and watching companies on a daily basis doing the Downturn Shuffle. Easy way to cut staff without looking like a tool at Xmas, really, isn’t it?

    This is why I don’t work for corporates. UNless they pay me in advance 🙂

    Ten really should have just stuck with the status quo with their digital channels. “One HD” is, I suspect – and the foaming ball-game fans on forums will disagree with me – going to lose them money. I’m sure I’ll get to search for this comment down the track and add “told you so” for posterity 🙂

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