The Channel Ten network is in serious danger of folding by year’s end after it reported a net first half loss of $232.2 million, according to Mumbrella.
Ten programs such as music show The Loop, as well as The Project, I’m A Celebrity… Get Me Out Of Here! and The Bachelorette may need to look for a new home unless the network can find new debt facilities, cut program supply costs and get licence fee relief from the federal government in the upcoming budget.
"As a result of the matters disclosed, there is a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern, and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business," the Ten network said in the director's report.
"The directors consider that it is reasonable that the group will be successful in the matters detailed and, therefore, have prepared the financial report on a going concern basis that no such asset is likely to be realised for an amount less than the amount at which it is recorded in the interim financial report."
The news comes as Ten continues to sink behind the ABC in fourth place on a number of occasions this year.
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