Channel 10 is facing ‘devastating cuts’ as US parent ViacomCBS share price plummets … after the network was forced to bite Kerri-Anne Kennerley and Tim Bailey last year
- Channel 10’s parent company, ViacomCBS, fell a whopping 55 percent in a week last month, shaking up the media conglomerate.
- ViacomCBS stock prices plummeted from a record $ 100.34 on March 22 to a Thursday price of $ 44.60.
- Australian broadcaster could pay a price for losses, with ‘devastating cuts’ on the horizon, according to TV Blackbox
- When the US media giant’s stock price fell in 2020, it was followed by a series of savage cuts on Channel 10
- Network stars Kerri-Anne Kennerley and weather forecaster Tim Bailey, among others, were abolished as a cost-saving measure
A crushing financial blow to Channel 10’s US parent company has cast a dark cloud over the Australian broadcaster’s future.
The ViacomCBS stock fell by no less than 55 percent in a week last month, causing an uproar in the media conglomerate.
And a beleaguered Channel 10 could pay a price for the losses, with ‘devastating cuts’ on the horizon, according to the industry’s website. TV Blackbox
Letting Go: A crushing blow to US parent company has cast a dark cloud over Australia’s Channel 10 future. Pictured: Former network stars Tim Bailey (left) and Kerri-Anne Kennerley (right), who were fired last year as a cost-cutting measure
When the US media giant’s stock price plunged in 2020, it was followed by a series of savage cuts to Channel 10 that claimed the scalps of beloved network stars Kerri-Anne Kennerley and weather forecaster Tim Bailey.
ViacomCBS stock prices have plummeted in recent weeks, plummeting from a record $ 100.34 on March 22 to a Thursday price of $ 44.60.
The company was “ ravaged by a confluence of factors that … crashed the stock price, ” it reported Yahoo! Finances on Tuesday.
Those factors include a recent stock offering designed to help fund streaming content investments that diluted the stock price, and several analyst downgrades from the company.
Troubled: ViacomCBS stock fell a whopping 55 percent in the space of a week last month, shaking up the media conglomerate
Bright spot: The network has struggled with ratings in recent years, with The Amazing Race finale on Sunday being a rare example of a Channel 10 show breaking through the night’s top five. Pictured: Beau Ryan, host of The Amazing Race
After a sharp drop in the ViacomCBS stock price last June, Channel 10 wielded the ax and several personalities in the broadcast became obsolete.
Kerri-Anne Kennerley, Natarsha Belling and Tim Bailey were just three of the stars released by the station in early August.
Then, in September, the network changed the way it produced its news and began broadcasting its Brisbane bulletins from Sydney and its Adelaide bulletins from Melbourne to cut costs.
At the time, Chief Content Officer Beverley McGarvey said the decisions were “essential to future-proof our business.”
Channel 10 declined to comment when Daily Mail Australia reached out.
Underwhelming: Meanwhile, new offerings like the game show The Cube, hosted by Andy Lee, have underperformed, barely cracking the top 20 on Wednesday
CBS (later ViacomCBS) bought Channel 10 in 2017.
The network has struggled with ratings in recent years, with Sunday’s finale of The Amazing Race being a rare example of a 10 show breaking the night’s top five.
The episode was watched by 691,000 people in the five major cities.
Meanwhile, new offerings, such as the game show The Cube, hosted by Andy Lee, have underperformed, barely reaching the top 20 on Wednesday.
Low point: Game of Games, hosted by Grant Denyer, was another notable flop for Channel 10