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Significant job cuts at Ten Network Holdings Ltd (ASX:TEN) won’t happen until the end of the month and investors will have to wait until even later for that to get an official update, according to a report in today’s Australian Financial Review.
Seven per cent of the company’s staff will be retrenched, which is expected to cost it about $5 million.
The company’s interim chief executive Lachlan Murdoch told staff he had appointed senior executives to lead rigorous reviews of each area of the company.
The network has axed some of its most long-standing programs, like Video Hits, and has instead been relying on ratings from reality shows like the Biggest Loser and Masterchef.
In the six months to February 28, 2011 Ten reported a net profit of $49 million.
