The last of Ten’s billionaire investors has backed the struggling broadcaster's second capital raising in six months.

It is understood that Ten investor Gina Rinehart has fully participated in the institutional component of the $230 million capital raising.

Underwriters were this afternoon running final tallies on the instituional component of the raising.

Shares that have not been picked up by institutional shareholders will be redistributed.

It is understood, however, that buyers are in line and the word from institutions is that no major blocks of shares are being distributed - a signal that Mrs Rinehart has taken up her entitlement.

Institutional investors had until 5pm this evening to decide on their participation in the highly dilutive raising.
Mrs Rinehart was included as a institutional shareholder due to the size of her stake which accounts for 10 per cent of the company’s issued stock.

The decision answers questions about whether Mrs Rinehart still has an appetite for media stocks after making significant losses on her investments in Ten and the publisher of this website Fairfax Media.

After the shareholders meeting on Thursday Mrs Rinehart was blunt about Ten’s shortcomings.

‘‘I think that we have to be more prompt on where we could cut costs. Over the last two years, I think we could have done more there,’’ she told reporters. ‘‘Obviously we’re not doing well enough yet with our programming, so these are things that I hope we’ll see some more improvements on. I think we’re right to be heading to that particular age category (18-49) as our main demographic share, because they do a lot of the advertising.’’

Ten chairman Lachlan Murdoch said on Thursday that the network’s other billionaire shareholders - James Packer, Bruce Gordon and Mr Murdoch himself - will participate in the raising which he described as prudent given the deteriorating outlook for media.

"Poor execution of our spring programming schedule, compounded by a weak advertising market, has negatively impacted our results," Mr Murdoch said.

Analysts said that the latest capital raising - which is on top of a $200 million raising in July and the sale of the company’s outdoor advertising business in October for around $100 million - addresses concerns about its balance sheet but not the company’s operational issues.

‘‘We now forecast a -18 per cent revenue decline in the first half, given the poor ratings start to the year, in a weak TV advertising market,’’ said JPMorgan analysts.