Last-minute negotiations between Ten Network Holdings Limited
(ASX:TEN) and Southern Cross Media Group Limited
(ASX:SXL) over a new multi-year programming agreement have failed, according to media reports.
Any deal reached from the high-stakes talks would have come into effect immediately, but instead the parties were only able to agree on a one-month extension of the existing arrangement.
The most recent three-year deal between Ten and Southern Cross expired yesterday.
Ten will reportedly not impose significant penalty fees on its regional affiliate, but has insisted a deal be reached within the month.
Negotiations are said to have stalled over Southern Cross' preference for another three-year deal, while Ten is reportedly pushing for a two-year arrangement.
Ten posted a net loss of $240 million in the first half of the 2013 financial year.
