this is a financial write down, probably required by their auditors to reflect the real value of the assets. It is also possible that a potential buyer of TEN might have asked for a writedown prior to making an offer.
Anyway it is the best thing to do right now and will allow a lower depreciation cost in future years.
This is not their major problem though. It is the poor business model , left leaning culture, dumb shows that cater to an audience that has no discretionary income, strong competition from Foxtel, Nine , Seven, Netflix, etc etc, . Ten has not kept up with a more educated Australian audience, and for that matter the same applies to Nine and Seven. Consequently shows on Fox like their History Channel, Discovery Channel, National Geographic Channel, and a number of news channels, have more intelligent content every hour than Ten, Seven and Nine have in a year. The writing is on the wall and its not pretty.
TEN Price at posting:
23.0¢ Sentiment: Sell Disclosure: Not Held
