After being plagued recently by financial problems that looked like spelling the end of the Ten Network, the troubled broadcaster has been thrown a lifeline in the form of a $30 million funding package so that it will be able to continue operations while receivers and managers attempt to sell or recapitalise flailing business.
Ten Network Holdings, the owner of Channel 10, went into voluntary administration earlier in June, and has been carrying on as many of its normal operations as possible while the administrators look at whether they can sell the company or find new funding to keep it running.
News Corp reported that the Ten Network’s main lender, the Commonwealth Bank, appointed PPB Advisory as receivers and managers of Ten at the weekend.
In a statement to the ASX on Monday, Ten said the $30 million package, is available until August 31 and has continuing support its major shareholder guarantors.
The business, which screens Masterchef, The Bachelor, The Project, Big Bash cricket and other popular shows was revealed to be in financial danger after two of its biggest shareholders, media scion Lachlan Murdoch and Australian businessman Bruce Gordon, said they wouldn’t guarantee a new $250 million funding facility that the company needed in order to replace an existing $200 million credit line that would come due in December.
Read more: Channel 10 has just days to avoid going bust