Network 10 has reported a loss of $225.58 million for the year to December after it invested heavily in local programming.
Revenue was $601 million for the 12 months.
The statutory loss included a $63.5 million non-cash impairment against 10’s television licence, a $45.7 million impairment against non-current assets, including plant and property.
It also wrote down the value of programming rights by $10.7 million and onerous contracts by $46.6 million. 10 had total significant items of negative $181.2 million.
10’s annual report, lodged with ASIC, notes significant investment in content including Dancing with the Stars, The Masked Singer and The Amazing Race. Last year also marked the first year of 10’s $20 million a year Melbourne Cup deal. The five-year $100 million contract is a mix of cash and contra.
It also reset own advertising sales team again, after it exited Foxtel’s Multi-Channel Network.
“It was a year of investment at 10 as we bedded down our prime-time schedule and set up our sales team for success,” a 10 spokeswoman said.
“The results of that investment are evident this year: audience and audience share growth, and TV ad market share growth.”
Looking ahead, the company says COVID-19 is expected to have an adverse impact in 2020.
The May Standard media Index numbers show media agency bookings for television down 35.6%.