.
Ten Network Holdings Limited (ASX:TEN) has announced plans to raise $200 million through a renounceable equity raising to strengthen its balance sheet, refinance debt and invest in programming.
The media company will offer existing shareholders three new shares for every eight held for 51 cents each, a 20.3 per cent discount to its last closing price of 64 cents per share.
Ten has warned it does not expect its current revenue share in television to improve in the near term and the timing of when conditions will improve remains uncertain.
CEO James Warburton says Ten’s focus is now on renewing its content offering to build audience share and revenue.
Ten’s net profit dropped 70 per cent to $20 million in the first half of the 2012 financial year.
