0/5

CBS tops TEN creditors

Australian production companies are owed millions of dollars by TEN.

CBS is owed $843m by Network TEN, according a Fairfax Media report which details key creditors today.

The Commonwealth Bank has submitted a claim with administrators KordaMentha for $98 million, which represents how much of the $200 million facility has been used to date.

Australian production companies have also submitted claims.

Endemol Shine Australia is owed $12.4m.

Working Dog is owed $4.9m (which may account for some of those weekly gags about the network’s financial position).

ITV Australia, headed up by former TEN chief programmer David Mott, is owed $3.5m.

FremantleMedia Australia is owed $3.1m.

Employees make up the bulk of the list of creditors. About 190 employees and TEN’s city subsidiaries have put in claims and are being represented by fellow staff members Hugh Riminton, Matt Miller and Rachel Day.

Cricket Australia claimed it is owed $21.6 million while the ATO is owed $3.6 million.

Advisors Moelis are also owed about $165,000 for financial advice provided earlier this year.

Key shareholders Lachlan Murdoch, Bruce Gordon, and James Packer recently agreed to let TEN draw down a further $30 million to ensure the network can continue trading until the end of August.

8 Responses

  1. CBS…. Completely bloody stupid, how can you let a debt balloon out so much, the network isn’t even worth that sum, not even a fraction in its current state… OMFG

  2. Its somewhat entertaining when everyone (creditors) smells blood and barnstorms in claiming they are owed money. Its sort of like when you win the lottery and everyone comes out of the woodwork wanting money from you. IMO CBS would be a perfect fit for Network TEN, they already have output deals, 11 and have a long standing financial relationship. Also CBS dont (as far as i know) have any other media interests ie owning other media outlets here (Australia). The other potential new owners have conflicts of interest. If TEN is to become profitable again CBS and or Anthem Sports and Entertainment company started by Leonard Asper (son of Izzy Asper former head of Canwest Global) post collapse of CanWest could buy TEN similar to how Izzy did in early 90s.

  3. How can any company allow a debt of nearly a billion dollars get so out of control???
    CBS/Paramount must lop internal heads over that fiasco.

  4. Maybe Ten could launch a new game show where creditors run an obstacle course and the winner gets their money back first!

    Who knows, if the show rates well, they might make enough money to do further episodes and pay back more creditors!

Leave a Reply