Neighbours Spoilers: Network Ten Financial Woes – Aussie Soap In Trouble?

“Neighbours,” Australia’s longest-running drama, is facing an uncertain future as its parent network is now in voluntary administration. It’s been announced that Australian broadcaster Network Ten was forced to make the move after shareholders decided not to guarantee a proposed loan of $250 million
dollars.

Without the financial backing of its key shareholders, the network has no immediate way to replace its current $200 million loan which comes due in December. This left directors with one option, voluntarily appointing advisory and investment firm KordaMentha to administrate the broadcast company and its subsidiaries.

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The investment firm will next assess the financial and operational soundness of Network Ten. Where does this financial morass leave the decades old network? According to the executives, “The directors of Ten regret very much these circumstances have come to pass… They wish Ten all success as the administrators look to the potential sale or recapitalisation of the business.”

“Neighbours,” is Australia’s longest-running drama, having debuted in 1986. Prior to that, the soap opera was broadcast on Seven beginning in 1985. The popular sudser aired regularly on Channel 10, the company’s primary channel, until its move six years ago to the digital offshoot Eleven. “Neighbours,” began airing in the UK in 2008 on Channel 5 after leaving the BBC. The popular show centers on the lives and dramas of the individuals and families living along Ramsey Street.

Ten, which debuted as a commercial network in 1964, has been having difficulties competing against rival networks Seven and Nine. Despite a popular nightly lineup, the network has earned disappointing ratings in the Australian market.

The network has several well-known programs, such as, “MasterChef, and “I’m a Celebrity… Get Me Out of Here!” but these high profile offerings have not made a significant difference in the company’s bottom line.

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In April the floundering network posted a $232.2 million dollar loss and the next earnings statement is not expected to be much better.

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