Network 10 is reportedly in “serious turmoil” with industry experts saying it cannot last as one of Australia’s big three commercial broadcasters.
The future of the embattled Paramount Global-owned network is uncertain as it continues to hemorrhage television shows, amid falling ratings and an advertising revenue crisis, it reports. news.com.au.
On Tuesday, on-air talent Dave Hughes and Osher Günsberg publicly confirmed that two of Channel Ten’s biggest reality shows, The Masked Singer and The Bachelor, have been axed by the network, which is in potential merger talks.
Pearman media analyst and director of strategy and research Steve Allen said: “A new owner of Paramount Global is unlikely to see Ten as an asset worth holding on to because the business is in serious crisis.” .
“There is no momentum in programming and they haven’t found a really strong anchor for prime time, their revenues seem stable but they can’t seem to significantly reduce overhead, and now there is turmoil in terms of their ownership in the United States” .
Network 10 is reportedly in “serious turmoil” with industry experts saying it cannot last as one of Australia’s big three commercial broadcasters. In the photo: Waleed Aly, presenter of the Project.
The future of the embattled Paramount Global-owned network is uncertain as it continues to lose TV shows, amid falling ratings and an advertising revenue crisis, news.com.au reports. Pictured: I’m a Celebrity presenters Robert Irwin and Julia Morris.
“Network 10 is in real trouble and I see no way out for them,” he concluded.
Professors Amanda Lotz and Anna Potter from the Queensland University of Technology shared their agreement, but added that it is as much about the current media landscape as it is about funding issues.
Lotz, who runs the Transforming Media Industries research programme, said he believes Ten will drown “at the end of the decade” and leave behind only “two commercial broadcasters” – rivals Nine and Seven.
He added that “it’s just math” and stated that the commercial television industry is in a “death spiral” in which in the end only one network could survive.
Meanwhile, Potter, an expert in digital media and cultural studies, said “it’s also a big question whether Australia can support three televisions.” [commercial] stations,” saying he didn’t think it was possible in these times.
On Tuesday, on-air talent Dave Hughes (right) and Osher Günsberg (left) publicly confirmed that two of Channel Ten’s biggest reality shows, The Masked Singer and The Bachelor, have been axed from the network, which is in possible fusion. talks
Ten’s parent company, entertainment giant Paramount Global, was reportedly set to sack chief executive Bob Bakish last week, days before a potential merger with Skydance could be finalised.
Paramount reported its quarterly earnings last Monday and Bakish, 60, who has been CEO since 2019, It was said that he was not on that callCNBC reported.
The company recently cut 800 jobs a day after its own CBS hosted this year’s Super Bowl in the United States, which had record ratings.
Paramount also lost ($490 million) from the streaming side of its business in the final quarter of 2023, even though its flagship Paramount+ service added 4.1 million subscribers during that same period.
The board appears to be turning to Larry Ellison’s son David, CEO and founder of Skydance, to take the company in a new direction.
Network Ten staff were warned that job cuts were coming as its parent media company cut jobs around the world to rationalize costs ahead of the potential merger.
Paramount sent an email to all staff in February from CEO Bakish informing them of the upcoming job losses.
The email did not indicate how many jobs would be eliminated, but The Australian reported that the company could eliminate hundreds of positions around the world.
Pearman media analyst and head of strategy and research Steve Allen said: “A new owner of Paramount Global is unlikely to see Ten as an asset worth holding on to because the business is in serious crisis.” Pictured: MasterChef judges Sofia Levin, Andy Allen, Poh Ling Yeow and Jean-Christophe Novelli
In the email, Bakish said the top priority in 2024 was to return to “revenue growth,” adding, “This will require us to continue growing revenue while reducing costs.”
“And unfortunately, part of the cost rationalization means that today we will begin the difficult process of saying goodbye to some of our very valued colleagues at Paramount.”
Bakish said employees outside its US headquarters would also be affected.
“Those notifications will occur over time in accordance with our local legal obligations in each of the countries where we operate,” he said.
Ten’s talent also appeared to go rogue with Osher Günsberg, 50, and Dave Hughes, 53, recently appearing on radio to confirm that The Masked Singer and The Bachelor had been axed, despite the network failing to confirm the news.
Ten’s parent company, entertainment giant Paramount Global, was reportedly set to fire chief executive Bob Bakish, 60, (pictured) last week, days before a potential merger could be finalized with Skydance.
Günsberg confirmed on 2DAY FM’s Hughesy, Ed & Erin on Tuesday morning that his two shows have no plans to return to screens anytime soon.
“It’s a really fun show, but it’s like anything, things come and go. The show won’t come back because I did a bad job, I can tell you that,” he said of The Masked Singer.
Hughes, who is on the show’s judging panel, added: “No, it’s rest.” “It will come back bigger and better than ever.”
However, the comedian also said: ‘As far as I know, The Masked Singer will not be filming this year for Channel 10.
“We have had a great time during those years, it has been a very fun show, many great singers have performed.” It is difficult for the production team.”
The board appears to be waiting for Larry Ellison’s son David, 41 (pictured), CEO and founder of Skydance, to take the company in a new direction.
Günsberg also confirmed that production on The Bachelors has stopped.
‘I’ll tell you what, I haven’t canceled our trip to Fiji, which is in the middle of the filming period we normally have. [for The Bachelors],’ he said.
Network Ten has had several owners over the years.
In 2010, James Packer bought an 18 percent stake, or $244 million, which he later split with media mogul Lachlan Murdoch.
It turned out that it was not enough to help the network, and Ten fell into administration in 2017.
That same year, the network was purchased by American television giant CBS, but just two years later, CBS merged with Paramount.
Daily Mail Australia has contacted Network 10 for comment.
‘As a member of a global company, we are used to speculating about our business, but Paramount Australia is a strong diversified media and entertainment company spanning free-to-air linear television, multi-channel, FAST channels, BVOD with 10 Play, SVOD with Paramount+, as well such as consumer products, branded content, live events and more,” a spokesperson said.
‘On-air, our content slate has performed well with 10 securing four of the year’s top 10 shows in the key advertising demographics of 25-54 and 16-39 with Australian Survivor, I’m A Celebrity. .. Get Me Out of Here!, Gogglebox and MasterChef Australia. Additionally, all of these shows have set new records for digital viewing on 10 Play.
‘In April, 10 Play had its biggest month ever thanks to strong results in 2023 as the fastest growing BVOD in Australia.
‘And Paramount+ remains the fastest growing streaming service in the country since its launch more than two years ago.
‘We are confident in our position in the market and hope to have an equally strong second half of the year.
“We have exciting announcements coming up on The Amazing Race Australia: Celebrity Edition, Thank God You’re Here, Dessert Masters, just to name a few, so we are confident for the rest of the year.”