Audiences are flocking to TEN right now but today the network said earnings for the nine months to May 31st fell 36.6% on year as advertising revenue continued to slide.
However Executive Chairman, Nick Falloon, says the outlook for the next few months is better due to the success of some new programming and the absence of the Olympics, which took both audience share and advertising dollars last year.
Earnings before interest, tax, depreciation and amortisation for the nine months fell to $128 million, from $201.9 million a year earlier, as revenue fell 12.6 per cent to $678.6 million. Revenue at its core television arm fell to 13.3% to $555 million for the nine months; television revenue for the third quarter fell 15% on year to $174.1 million.
Falloon was also optimistic that the network’s new ONE HD digital sports channel would continue to build its audience to rival the FOX Sports pay TV operations.
“Our new digital multi-channel ONE has also successfully launched and continues to improve on all critical measures including revenue and ratings,” he said.
He added that shows such as MasterChef Australia, Talkin’ ‘Bout Your Generation, Recruits and Merlin had demonstrated their worth.
“They are currently attracting considerable interest and investment.”
The broadcaster also said it would not pay a final dividend for fiscal 2009.