Network Ten will be axing some popular Aussie shows in budget cuts.
Network Ten will be getting rid of some of its popular Aussie-made shows in a cost-cutting plan.
The Daily Telegraph has revealed that the struggling broadcaster has a five-year plan that will see some favourite Australian-made shows including The Biggest Loser, Bondi Rescue, and Shark Tank face the chopping block, along with Formula 1 and V8 Supercars broadcasts.
The budget-cutting plan, which was formulated when the network went bust in July, will also see 15 per cent of jobs cut across the board.
It was revealed in July that the company needed to borrow up to $250 million by December to help it weather the tough TV advertising market – and its directors warned at the time that the stock market that a failure to land the loan could see the company go bust.
The network reported 2.5 per cent revenue decline to $340 million for the six months to February 28, and a television licence impairment of $214.5 million, which took the company to its $232 million loss for the half.
Since then, however, US broadcasting giant CBS has made a bid to take over the network, earning the support of the network’s 14-member creditors’ committee.