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Lachlan Murdoch: TEN had “forgotten who we were.”

Lachlan Murdoch tells it like it is at an AGM with shareholders yesterday.

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Yesterday at TEN’s annual general meeting interim CEO Lachlan Murdoch defended his year of cost-cutting.

Shareholders learned the network’s dark days were behind them, following 190 retrenchments and a programming overhaul.

“Our costs were at an all-time high. Frankly, they were out of control. We had a confused news and current affairs strategy,” he said.

“The business was stuffed. The strategy was absolutely flawed. Costs were at an all-time high. Most importantly, we’d forgotten who we were … a youthful, bold, irreverent, risk-taking brand.”

Last February TV Tonight wrote a “Dear Lachlan” letter about the risk-taking network that had lost its sense of fun.

Murdoch also talked up its 2012 slate as its best programming in “many, many years” he said.

I don’t agree the 2012 slate is the best in many years, but I’ll happily be proven wrong in 12 months’ time.

The network is right to still be concerned about its 6pm half hour. Please ditch the extended News by February and return to one hour. If it means bringing Neighbours back from ELEVEN, which would also address Drama points, swallow your pride and cop the short term pain for long term gain.

Meanwhile there are unconfirmed reports that Seven Chairman Kerry Stokes has bought about 2 per cent of TEN following a busy week of shares changing hands.

In October, TEN reported a 91 per cent drop in annual net profit for 2010-11, from $150m to $14.2m. It saw $85.4m in restructuring costs.

But Murdoch focussed on the leaner, meaner outcomes.

“Our costs will be flat. So any improved revenue . . . should fall mostly to the bottom line.”

James Warburton begins January 1st.

Source: The Australian, Sydney Morning Herald

29 Responses

  1. I would not be surprised at all if they cut costs dramatically, waited around to make sure One HD does not come into play for any of the NRL rights (protecting Fox Sports) and then sold their shares in the station.

  2. Ten may or may not have forgotten who they were. Lachlan certainly didn’t forget he was there on behalf of Foxtel, and made sure One was closed down before they could buy any of the precious sport on Fox.
    As for giving Andrew Bolt a wider platform to air his poison, only a News Limited person could think that was a good idea.

  4. So they “had forgotten who they were” [past tense]… but one of the big new moves for 2012 is to introduce a breakfast show that pushes Ten even closer to being a shallow clone of Seven and Nine?

    Good to see they’ve got that under control.

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