TEN’s EYE Corp deal falls through
TEN's $145m sale of outdoor business group EYE Corp to Outdoor Media Operations is no more.
- Published by David Knox
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TEN’s $145m sale of outdoor business group EYE Corp to Outdoor Media Operations (OMO) is no more.
An agreement has been terminated by OMO, which is owned by Champ Private Equity.
“While TEN has reserved its legal position regarding the purported termination, TEN and OMO remain in discussions with the aim of agreeing amended sale terms,” TEN said in a statement.
OMO is understood to have expressed concern about Eye Corp’s financial performance.
In July TEN CEO James Warburton, said of the deal: “It will make our balance sheet stronger by further reducing debt and will give us additional opportunity to invest in the creative renewal of TEN’s television content.”
TEN shares were down 1.5 cents, or 4.5 per cent, at an all time low of 32 cents at 1051 AEDT on Wednesday.
TEN says it has reserved its legal position over what it describes as the “purported” termination.
However, it also says it remains in talks with OMO with the aim of agreeing on amended sale terms.
TEN is due to release its full-year results tomorrow.
Source: smh.com.au, The Australian, ABC
5 Responses
One tel all over again ……..
This is a comedy…surely !
It will be interesting to see what moral objection and backbone the Board have for this series of dismal failures.
32cents! In Feb. was 90cents, in June 60cents.
Tomorrow, after the figures are released, will be ???
murdoch and packer expect to much to soon, they made to many changes and lost the viewers they had.
Soooooo glad I did not buy shares in this network I grew up with and had a strong loyalty towards. I thought if Murdoch, Packer and friends were getting involved the only way was up. Who was I kidding???