Richard Freudenstein joins TEN Board

Foxtel CEO Richard Freudenstein has joined the TEN Board as a Non-Executive Director, following the Pay TV company’s acquisition of TEN shares.

TEN Chairman David Gordon said: “I welcome Richard to the Board of TEN. His wealth of experience within the media industry, both here and overseas, will provide insight and assistance as we continue to develop TEN’s growth strategy into the future.”

Freudenstein is already a director of Real Estate Group Limited, Foxtel, ASTRA, Presto TV and Multi Channel Network and a member of the Business Council of Australia.

“I am delighted to be joining the TEN Board at this exciting time for the network. Recent ratings performances have demonstrated the potential for further audience and revenue growth. I look forward to working with my Board colleagues and TEN management to deliver on that potential,” he said.

TEN directors Christine Holgate, Jack Cowin and Dean Hawkins all retired at yesterday’s Annual General Meeting, leaving the Board with six Directors: David Gordon, Brian Long, Paul Gleeson, Siobhan McKenna, John Klepec and Richard Freudenstein.

Further Board changes are anticipated in 2016.

Yesterday CEO Paul Anderson outlined strategic goals for TEN over the next 12 months.

“We are focussed on returning to profitability,” he told shareholders.

“We will continue to make strategic and disciplined investments in new content to increase our audiences and grow our revenue across all platforms.

“We will work closely with MCN to improve our “power ratio”, that is, closing the gap between our share of television viewers and our share of the television advertising market.

“We will continue to lead the industry on the digital and social media front, engaging with audiences across all platforms.

“And we will focus on improving our digital platform tenplay and our multi-channels ELEVEN and ONE.”