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Ten Network Holdings Limited (ASX:TEN) has terminated its CEO James Warburton and appointed Hamish McLennan as its new chief.
The media company made the announcement after the market closed on Friday, advising Mr Warburton will exit immediately while Russel Howcroft will be act as CEO until Mr McLennan steps into the top spot on March 18, 2013.
Earlier in the session Ten announced it has secured a new $80 million revolving cash advance loan facility to replace an existing $350 million facility due to expire this month.
The company also advised it has completed the sale of its former Eye UK operations at a cost to Ten of about $4.9 million.
Ten Network booked a net loss of $4.2 million in the 2012 financial year.
