Ten scraps sports channel as ratings, profit tumble From: AAP
April 07, 2011 2:48PM THE financially struggling Ten Network will relaunch digital sports channel One with general content in May.
Ten Network's acting chief executive, Lachlan Murdoch, said the interim result of a 16 per cent drop in first-half profit was not acceptable.
Net profit fell to $49.52 million for the six months to February 28 from $58.7 million a year earlier, Sydney-based Ten said in a statement today.
Revenue increased 2.4 per cent to $485.76 million. Stock in Ten was up half a cent at $1.34 in early afternoon trade.
Mr Murdoch said Ten was addressing the underperformance by scrutinising costs and relaunching sports channel One with more general content.
"One will now broaden its focus on engaging and entertaining males 25-54 and the schedule will centre on targeted drama, HD movies and documentaries, and premium sport.
"Ten has a 2.5+ per cent share aspiration for the relaunched ONE. The company is confident this will result in additional revenue and an earnings improvement.’’
Ten said the recent inclusion of general entertainment into One’s prime-time line up had been successful in boosting ratings, and this had given impetus to a relaunch of the digital channel.
"The bold, broad appeal of Ten along with the already proven performance of the distinctly youthful Eleven and now with the broader content offering for the male-skewed One positions us to capitalise on viewer and advertiser engagement,’’ Ten chief programming officer David Mott said.
Full article here:
http://www.adelaidenow.com.au/entertainment/ten-scraps-sports-channel-as-ratings-profit-tumble/story-e6fredpu-1226035438765
