News: Ten, Southern Cross deal stalls

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Last-minute negotiations between Ten Network Holdings Limited (ASX:TEN) and Southern Cross Media Group Limited (ASX:SXL) over a new multi-year programming agreement have failed, according to media reports.

 

Any deal reached from the high-stakes talks would have come into effect immediately, but instead the parties were only able to agree on a one-month extension of the existing arrangement. 

 

The most recent three-year deal between Ten and Southern Cross expired yesterday.

 

Ten will reportedly not impose significant penalty fees on its regional affiliate, but has insisted a deal be reached within the month.

 

Negotiations are said to have stalled over Southern Cross' preference for another three-year deal, while Ten is reportedly pushing for a two-year arrangement.

 

Ten posted a net loss of $240 million in the first half of the 2013 financial year.