Australian Shares News Ten Network Holdings (TEN)

Ten Network Holdings Shares | ASX TEN | TEN StocksTen Network Holdings (TEN) is a major media company with businesses in television and out-of-home advertising.

Network Ten possesses a highly distinctive programming line-up which makes it the network of choice for viewers under 50, and is broadcast in standard definition digital and analogue.

TEN was one of the shares to sell in February amid a worrying profit outlook.

However, the stock has bounced back impressively from mid-March, making it one of the better performers in the Australian share market in recent weeks.

On 7 April, TEN reported a 15.6% drop in 1H11 net profit to $49.5 million.

Group EBITDA fell 9.8% on-year to $106 million despite a 2.2% growth in revenue to $484.2 million.

Television revenue was 2.2% higher than the prior year, with the result weighed down by a poorly rating 2010 Delhi Commonwealth Games and a late launch of TEN’s third digital channel.

Acting CEO Lachlan Murdoch said the result was unacceptable and that the group would focus on controlling costs in order to turn around the company’s fortunes.

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