Ten CEO: “TV Industry Is Under Severe Duress” As Profits Plunge

Ten CEO: “TV Industry Is Under Severe Duress” As Profits Plunge

Yesterday it was Seven’s turn to unveil a 91 per cent profit drop at its half yearly results and now Ten’s joined free-to-air’s gloomy party predicting it is facing a full year earnings loss of between $20-30 million.

Ten CEO Paul Anderson today issued a profit warning to shareholders borne of a tepid ad market, rising costs at the network and hefty license fees.

Anderson, whose comments were reported on News Corp sites, said the company would have to conduct “a rigorous cost reduction project”.

“This industry is obviously under severe duress and yet commercial free-to-air television broadcasters continue to be penalised by the world’s most expensive broadcast licence fees,” Anderson said in a swipe at the Turnbull government

“Without the investment of the commercial free-to-air broadcasters, local production will dry up, jobs will be lost and local news will be a thing of the past.”

Anderson once again inferred that Australia’s TV playing field was unfair and, though not calling them out, had a veiled dig at the SVOD players like Netflix, and Google and Facebook who weren’t beholden to the same costs and regulations as Seven, Nine and Ten.

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