The Ten Network has completed its $230m capital raising share offer, with 71% of investors taking up the chance to buy more discounted shares.
When it launched in December it was the network’s second capital raising in six months, as the broadcaster struggled with plummeting ad revenues because of poor ratings.
The second phase of the offer to retail share customers closed on Friday, and raised an additional $39m.
There is speculation in the market the cash is being raised at Ten looks to make a serious bid for the cricket rights, in a battle with Nine and Seven.
Shares in ten rocketed nearly 10% on Monday, and have held firm for the last two days.
