Channel Ten have gone into voluntary administration and trading of shares have closed at 16c. The reason for this is that the billionaire backers such as Lachlan Murdoch (aka the son of media mogul Rupert Murdoch) and the regional TV network owner Bruce Gordon have decided to no longer support the network.
It was because of this lack of support that Channel Ten “had no choice but to appoint administrators” as Murdoch and Gordon declined to secure the new finance package, which was expected in December.
Communications Minister Mitch Fifield has said:
“This is a difficult and stressful time for Ten’s staff and their families who are facing an uncertain future. That a major Australian media organisation is in such difficulty should be a matter of concern.
“There is a lot of talk about media diversity, but the greatest threat to diversity in Australian media would be the failure of Australian media organisations.”
KordaMentha, the advisory and investment group have been appointed as Ten Holdings Group’s administrators for this time, as the finance package worth $250 million was not provided by Murdoch and Gordon.
What does this mean for all of you binge watchers of Masterchef? Pretty much nothing, for now.
The board has advised that viewers won’t be affected by this change and won’t really impact on the show running. Channel Ten will continue to run programs as scheduled.
However, the future of the third most popular broadcaster is uncertain, at least with the rapid change that is happening within the broadcasting team. It’ll definitely be interesting to see what happens.