Company News Summary
Ten Network Holdings Provides 2016 Chairman and CEO Addresses
Original announcement: TNHL 2016 Chairman and CEO Addresses
Ten Network Holdings announced that 2015 has seen significant change at the Company and an improved performance in what has been a challenging and highly competitive environment. The Company achieved strong revenue growth in a soft television advertising market and returned to positive EBITDA for the first time since 2013. As part of the strategic arrangements that were completed during 2016, Foxtel invested $77m in the Company. It conducted a capital raising, giving its shareholders the opportunity to invest at the same price as Foxtel's investment. The capital raising was completed in November 2015 and, together with Foxtel's investment, raised net proceeds of $146m, which were used to reduce its debt and invest in content to maintain the Company's ratings and revenue momentum.
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