[Australia] Network Ten Going Under "Voluntary Administration"

[Action Newsroom 1150]

It may sound odd at first to those not from Australia (most of us here), and it's losses and cuts and losses across the board explain so much, but this is still shocking.

 

https://www.theguardian.com/media/2017/jun/14/ten-network-goes-into-voluntary-administration?CMP=twt_a-media_b-gdnmedia

[mre29 1340]

So, this is basically similar to what would happen if ABC, CBS, or NBC went into Chapter 7 bankruptcy?

[Action Newsroom 1150]

So, this is basically similar to what would happen if ABC, CBS, or NBC went into Chapter 7 bankruptcy?

Yes, something like that.

[TheRolyPoly 1847]

And Chapter 7, unlike Chapter 11, is something you can not get out of.

[nickp 297]

Ten lost their way when they went away from the younger demographic

[fox2 190]

Eyewitness News anchors around the network appealed to viewers to keep watching and support local jobs. And the team at The Project made light of their dire predicament.

 

https://www.youtube.com/watch?v=npqBBUIZ3Jw

https://www.youtube.com/watch?v=XYkgn3pXtnY

[MEDIA=twitter]874808869356097537[/MEDIA]

[MEDIA=twitter]874815554250358784[/MEDIA]

https://twitter.com/sandra_sully/status/874851148632653824

 

Here is a good

summary of the situation from the Sydney Morning Herald.

[fox2 190]

Brisbane reports from Ten, Seven and Nine (by ex-Ten veteran Eddy Meyer) on Ten's financial crisis (and my 1992 clip gets a brief run!)

 

Ten first went into voluntary administration in 1990. Ten Brisbane clip from same uploader, Australian TV Fan:

[Samantha 2878]

And Chapter 7, unlike Chapter 11, is something you can not get out of.

Wouldn't this be closer to Chapter 11 as the company can emerge following reorganization?

 

"Voluntary administration is when the directors of an insolvent company appoint an external administrator to investigate whether winding up the corporation can be prevented or delayed and to make recommendations to the directors and their creditors as to whether the company should enter into a deed of company arrangement, be wound up (liquidated), or be returned to the control of the directors. The "deed of company arrangement" is a binding agreement between a business and its creditors overseen by a deed administrator relating to how the company's assets will be managed to ensure better returns for its creditors than an immediate winding up."

 

So basically the reorganization not only provides a legal freeze to the company but allows it to assess whether continued business is viable.

[TheRolyPoly 1847]

Wouldn't this be closer to Chapter 11 as the company can emerge following reorganization?

 

"Voluntary administration is when the directors of an insolvent company appoint an external administrator to investigate whether winding up the corporation can be prevented or delayed and to make recommendations to the directors and their creditors as to whether the company should enter into a deed of company arrangement, be wound up (liquidated), or be returned to the control of the directors. The "deed of company arrangement" is a binding agreement between a business and its creditors overseen by a deed administrator relating to how the company's assets will be managed to ensure better returns for its creditors than an immediate winding up."

 

So basically the reorganization not only provides a legal freeze to the company but allows it to assess whether continued business is viable.

 

So it could be like Chapter 11 if they decide to move forward. If not, then it would be Chapter 7.

[mrschimpf 2063]

I just wonder if this will push CBS to take more of a role in their stake in Ten; they provide a news share and shows (basically the equivalent on NBC/Seven and ABC/Nine's sharing), but this might be an opportunity for Ten to lobby for some foreign control to stabilize things, which Moonves wouldn't be opposed to in the least.

 

Of course, there's always Rupert and Foxtel looking for any shot at getting an over-the-air channel to control too, so there's two options to start out with.

[NEOMatrix 1295]

I just wonder if this will push CBS to take more of a role in their stake in Ten; they provide a news share and shows (basically the equivalent on NBC/Seven and ABC/Nine's sharing), but this might be an opportunity for Ten to lobby for some foreign control to stabilize things, which Moonves wouldn't be opposed to in the least.

 

Of course, there's always Rupert and Foxtel looking for any shot at getting an over-the-air channel to control too, so there's two options to start out with.

Don't forget WIN. They pretty much said F.U. to Nine and now controls EVERY regional Network Ten affiliate now that they bought NRN (Ten station in northern NSW, aka NBN land). In fact, I believe that WIN gets stronger rating in most regional markets than Ten gets in metro areas.