Channel Ten enters voluntary administration and with it faces the possibility retrenchments
Channel 10 has announced that it has entered voluntary administration after 2 major shareholders backed out of a new funding deal. This leaves many of channel ten’s employees and their families worried and uncertain about their future. While Channel ten has not announced redundancies, it is a very real possibility.
The Government moves to immediate action
The Australian government is immediately moving forward with proposed reforms in parliament, with proposals including abolishing the broadcast licence fee and the two-of-three rule, which prevents companies owning a TV station, newspaper and radio station in a single market.
Media expert Peter Cox has said that “That a major Australian media organisation is in such difficulty should be a matter of concern.” Channel ten’s unfortunate development follows a concerning trend of major companies struggling in today’s media market with paper print media also struggling.
What should we make of this?
It’s good to know that the Government cares sufficiently about the ongoing sustainability of business that its prepared to rectify restrictive legislation and crushing fees. I’m guessing more industries may by petitioning the Government from now on to have the same consideration.
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