Ten chairman David Gordon is urging the federal government to do more than just "tinker" with Australia's outdated media ownership rules.
Writing in Ten's annual report, Mr Gordon said he was hopeful the that the free-to-air broadcaster will be freed to strengthen with the removal of all ownership restrictions on the television industry.
He said the removal of outdated rules would allow Ten to bolster its position through arrangements such as its recently completed deal with Foxtel, which took a 15 per cent stake in the network.
Ten has also entered into a partnership with the pay TV operator's Multi Channel Network (MCN) advertising business.
"The free-to-air television industry in Australia is subject to regulation that has been in need of change for some time," Mr Gordon wrote.
"Drawn up in a different era and focused on the regulation of industries and technologies that existed 40 years ago, it now acts to limit and constrain Australian free-to-air networks, while international competitors and other domestic players face no such regulation."
Current rules include stopping the same owners from operating more than one commercial television licence in the same area.
"We are hopeful that the coming year finally sees the wholesale removal of these rules and not a piecemeal tinkering that will of itself only create a new set of distortions," said Mr Gordon, who became the group's fifth chairman in five years following Hamish McLennan's sudden resignation in July.
Paul Anderson, who stepped up from chief financial officer and chief operating officer to replace Mr McLennan as chief executive, said the partnership with MCN will help ensure Ten's share of advertising revenue more closely resembles its audience share.
"While our financial results ... represented an improvement on the previous year, they still require further improvement," said Mr Anderson, who has been with Ten for 12 years.
"The key focus for everyone at Ten Network is on extending the ratings and revenue growth momentum we have seen this year and increasing our company's earnings and returns to shareholders."
Mr McLennan, who stepped down after less than two-and-a-half years in charge, walked away from the free-to-air broadcaster with a remuneration package worth $8 million.
He quit his dual roles as executive chairman and chief executive, receiving termination benefits of more than $2 million as part of his remuneration package for the 2014/15 financial year.
Ten's annual report showed he received $1.7 million in cash salary, nearly $4 million in share-based payments and termination benefits that include $1.97 million in salary and superannuation that will be paid during his year-long notice of termination that began on July 27.
The report also states that the $3.8 million worth of share options and rights granted to Mr McLennan are subject to performance targets being met in the future.
