The Ten Network is considering a cut price bid for its outdoor advertising arm, Eye Corp, receiving an offer of around $110 million less than a week after the deal appeared to have fallen through.
Ten yesterday confirmed that private equity group CHAMP, had made an offer of ‘‘approximately’’ $110 million, $35 million below the original sale price.
Last week, CHAMP walked away from negotiations for the sale of Eye Corp, which had a reported price tag of $145 million. Ten’s chief executive James Warburton, said at the time that while the advertising business was still marked as for sale, it was ‘‘not for sale at any price’’.
News of the fresh bid for Eye Corp comes as Ten launches a wide-ranging cost-cutting program, including cutting up to 100 jobs. Ten last week revealed a $13 million loss for the year ending August 31.
The network is struggling with declining advertising revenue and some high profile rating disasters in recent times. Announcing what it called disappointing annual results, the network blamed the figures on difficult trading conditions, the one-off impact of the Olympics and its poor ratings performance.
Ten revealed its programming line up for the year yesterday and is now set to begin negotiations with advertisers over rates.
The programming line-up for 2013 includes bringing the Simpsons back to the main channel after two years on digital channel Eleven, moving The Project to 6.30 pm nightly and launching several new programs such as locally-made drama Mr and Mrs Murder, starring Shaun Micallef and Kat Stewart and Reef Doctors, starring Lisa McCune.