Reporters at the Ten Network relayed the news of their employer’s voluntary administration during a staff meeting.
The network was looking to refinance to the tune of $250 million, after its existing finance was due to expire on December 23.
But Ten’s directors said they were left no choice but to appoint administrators from KordaMentha to try to recapitalise or sell the business.
Lachlan Murdoch, who owns a 7.7 per cent share of Ten (via his private investment fund Illyria), and Bruce Gordon, who owns 14.96 per cent (via Birketu), are now teaming up to offer a rescue package to restructure the network, though the details are still to be sorted out.
This will see the two shareholders treated as an association rather than a merged entity to prevent triggering a compulsory acquisition provision or a breach of the existing two-out-of-three cross-media ownership rule.
While this all may appear to be contemporary issues for the company, Ten has faced many hurdles during its lifespan of little over 50 years.
Ten has been in trouble before
The network began in the 1960s, originally named the Independent Television Network, before promptly being renamed the 0-10 Network.
The network’s Melbourne-based station (ATV-0) began its official…