Ten Network records $285mn losses for Q3

Australia's Ten Network has reportedly revealed a loss of 285 million dollars for the August quarter and has announced a fresh funding deal guaranteed by its owners.

The free-to-air broadcaster, ranked third commercial network in Australia continued strict cost control and cited 'short' advertising market behind the losses.

According to the Sydney Morning Herald, the losses were driven by 336 million dollar of one-off charges, including restructuring costs and 300 million dollars of impairments, plus a slide in revenues following a 12.9 million dollar loss in 2012.

The broadcaster has also proposed a new four-year 200 million dollar debt facility from the Commonwealth Bank, guaranteed by its major shareholders Lachlan Murdoch, James Packer and Bruce Gordon.

Chief executive Hamish McLennan said that the board and management of the company recognises time and financial investment are required to build ratings and revenue, which is why a new financing facility is proposed.

McLennan said that Ten was not immune to the tough media advertising markets and its share of the TV market was not where it should be, but it was focused on re-gaining dominance in event TV, the report added.