Ten Network Holdings
(ASX:TEN) says it has finally sewn up a deal with Foxtel.
The new deal sees Ten become a 25 per cent shareholder in Foxtel’s advertising arm Multi Channel Network. MCN will take over sales representation of advertising on the free-to-air network.
Ten have announced a $154 million capital raising of which Foxtel will take $77 million worth of shares to end with 15 per cent of the company.
Ten also has a 2 year option to take up around 10% of the online streaming service Presto. Foxtel will also gain a place on the Ten board which shrinks to six directors.
Ten Network made a net loss of $261.3 million for the first six months of the 2015 financial year.
