Ten Network reports net loss

Company News

Ten Network Holdings Limited (ASX:TEN) has reported a net loss of $312.2 million for the 12 months to 31 August 2015.
 
Television revenue increased 4.6 percent to $629.3 million while television costs were reduced by 6.5 percent, as the company continues its cost reduction strategy.
 
The broadcasting network also announced an entitlement offer aimed at raising up to $77 million.
 
Ten advised it will launch a fully underwritten 3-for-37 accelerated renounceable entitlement offer of new Ten shares at an offer price of $0.15.
 
No interim dividend will be paid.