Lots of uncertainty but lots of love for the Ten Network as the network goes into voluntary administration.
The announcement of the appointment of administrators comes after trading in Ten shares was halted on Tuesday.
In a media release issued earlier today, Ten stated:
“The Directors of Ten regret very much that these circumstances have come to pass. They wish to take this opportunity to thank all Ten employees and contractors for their commitment and enthusiasm for Ten’s programs and business. In particular, they would like to express their sincere gratitude, respect and admiration for Ten’s leadership team, who have achieved everything the Board has asked them to do over the past few years in very challenging circumstances. They wish Ten and its management Ten all success in the future as the Administrators look to the potential sale or recapitalisation of the business.”
The appointed administrators, restructuring firm KordaMentha, have subsequently announced:
“Customers, employees and other stakeholders are assured that the administrators intend to keep the business running. Viewers can expect the same content that they currently enjoy on Network Ten. The appointment will allow the voluntary administrators to explore options for the recapitalisation or sale of Network Ten.”
Meanwhile, under the hashtag #FixNetworkTen, viewers have taken to Twitter to share memories of their favourite Network Ten programs — mostly from times gone by:
— Australian Kitsch (@OzKitsch) June 14, 2017
— Scott Whitley (@ScottWhitley11) June 14, 2017
— Mick (@mick76er) June 14, 2017
— The Guidefather (@SteveMolk) June 14, 2017
— Oztalgia (@oztalgia) June 14, 2017
— Damian Torrie (@DFT85) June 14, 2017
— Marshall Hughes (@ozmarshall) June 14, 2017