Since its founding back in 1964, Network Ten has brought Australians some of the most loved characters on television: from Neighbours favourites Charlene and Scott, to the long-standing legacy of Gretel Killeen on the Big Brother couch, we wonder what the TV landscape would be without this defining history. Now, the future of the channel is in doubt following the voluntary administration of the network after the loss of support from major backers and shareholders Lachlan Murdoch, James Packer and regional TV network owner Bruce Gordon.
As we explained when Topshop fell to the same fate, voluntary administration is an “insolvency procedure” where an external administrator is nominated by company directors to try and turn the company around, according to ASIC (the Australian Securities and Investments Commission).
As per the company’s statement, it’s currently as much ‘business as usual’ as possible.
“The directors of Ten regret very much that these circumstances have come to pass,” the statement also reads. “In particular, they would like to express their sincere gratitude, respect and admiration for Ten’s leadership team, who have achieved everything the board has asked them to do over the past few years in very challenging circumstances. They wish Ten and its management… all success in the future as the administrators look to the potential sale or recapitalisation of the business.”