The viability of one of Australia’s three free-to-air broadcasters, Network 10, is again being called into question with speculation it may not survive its current woes.
The network narrowly survived oblivion when, facing bankruptcy in 2017, it was saved in a buyout by American TV giant, CBS (now Paramount).
However, former The Project host and 10 political editor Dr Peter van Onselen (lead image) has again questioned 10’s future, stating that the network is on the verge of a “disaster” and may not survive.
In a column for The Australian, van Onselen called 10 “the minnow of Australian commercial television” and said it had failed to capitalise on the advantage of being backed by a major media player such as Paramount.
He also highlighted a downturn for Paramount’s share price that had dropped from $97 to less than $15 in just two years.
The US owners posted a staggering $US1billion loss in the first three months of 2023, slashed its dividend by 80 per cent and announced a hiring freeze.
Interestingly, van Onselen is currently involved in an alleged bullying incident from 2021 bought against him by 10 news reporter Tegan George who claimed the Doctor was “sexually hostile, demeaning and oppressive” towards her on social media. The case is ongoing.
Van Onselen quit his post at the network three months ago and has yet to be replaced despite a lengthy search.
In response to van Onselen’s column and comments, a 10 insider described them as “disappointing”, telling B&T they were “unjustifiably disparaging and defamatory”.
You can read 10’s response to the van Onselen claims in full at the end of this article.
In his column, van Onselen said: “You could choose to be a little more upbeat about Paramount (and Network 10’s) future if the streaming part of the business was firing, but it’s not.
“That’s actually where the losses are centred, but it’s also where the hope for growth has long been too.
“Subscription growth hasn’t been strong enough to make streaming profitable yet, and while Paramount+ is big by Australian standards, and growing, it is dwarfed by others in the US, playing catch-up since entering the streaming business later than its major competitors.
“A missed opportunity to be an early adopter by management.”
He said 10 had been “outgunned and out-rated by Seven and Nine now more than ever” and had squandered its opportunity to be a major network.
“Supported by a massive US media player – now rebranded Paramount – was a distinct advantage the other Aussie networks don’t have,” he said.
“It was one of the reasons I accepted the job as 10’s political editor.
“The network’s ratings have slowly ebbed lower and lower, elongating the divide between it and its more successful commercial rivals in Australia,” he said.
Van Onselen said that American billionaire Warren Buffet would be pivotal to Paramount’s – and its Australian operation’s – future.
Buffet has a 15 per cent stake in the media behemoth and he may opt to cut his losses and pull out soon.
“He [Buffet] doesn’t think streaming is the future for Paramount, unless scale can be brought to bear and quickly,” he added.
“If he dumps it, the share price will tank even more than it already has. Buffett exiting a business is a certain way to cause panic, and Paramount is already in panic mode.
“It would be a disaster for current management,” he said.
In response to van Onselen’s commentary, 10 this morning issued B&T this response via a spokesperson.
“Network 10 has seen strong year-on-year growth across key demographics, ratings and commercial share demonstrating an excellent first half of the year for 2023.
“Our share is up 0.6 points in total people this year and 1.5 points in 25-54s.
“10 Play is also having its biggest year ever with minutes viewed up 23 per cent year-on-year and Paramount+ is Australia’s fastest growing streaming service.
“Network 10 is dominating the key advertising demographics this year with six of the top 10 programs in 25s to 54s and under 50s, and seven of the top 10 programs in 16 to 39s with our tentpole entertainment shows.
“The Project is Australia’s youngest news and current affairs show, reaching over six million Australians every month and is achieving its biggest live stream audiences ever, as well as its biggest monthly audience of the year in May.
“10 News First is achieving its biggest monthly audience of the year in May, with its Linear TV audience up six per cent month-on-month in May from April,” the statement read.
