CHANNEL Ten has announced it has gone into voluntary administration after failing to secure a key loan.
News presenter and journalist Hugh Riminton confirmed the devastating development in a tweet on Wednesday morning, shortly after Network Ten Holdings CEO Hamish McLennan broke the news to staff.
“Network Ten is being put into voluntary administration,” Riminton said on Twitter, quoting CEO McLennan as saying “this is extremely disappointing for all of us”.
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In a statement to the ASX, the free-to-air television broadcaster said its directors were left with no choice but to go into voluntary administration.
“Ten Network Holdings Limited announces that Mr Mark Korda, Ms Jennifer Nettleton and Mr Jarrod Villani of Korda Mentha have been appointed as voluntary administrators of the Company,” the statement said.
It comes after the broadcaster lost the support of billionaire shareholders Lachlan Murdock and regional TV network owner Bruce Gordon.
Network Ten is being put into voluntary administration. "This is extremely disappointing for all of us," says CEO. pic.twitter.com/fPcCoFQKKH
— Hugh Riminton (@hughriminton) June 14, 2017