Ten's rocky road to administration

Ten's fall into administration follows seven years of turbulence featuring high profile billionaires, sacked CEOs and takeover talks that led nowhere.

KEY MOMENTS IN TEN'S RECENT HISTORY:

2005 - Ten shares hit a record high of $32.99 in January

2009 - Canadian media group Canwest sells 50 per cent stake in Ten to institutional and sophisticated investors

2010 - Months after Ten's annual profit jumps to $150 million, James Packer buys a 16 per cent stake, half of which he sells to Lachlan Murdoch, and the pair join the Ten board. Gina Rinehart also joins the board after buying a 10 per cent stake.

2011 - CEO Grant Blackley is sacked after just two months in the job and the board launches a review of Ten's performance, which results in mass staff cuts. Mr Packer resigns from the board as Seven executive James Warburton is named CEO, but his appointment is delayed by legal action and Murdoch takes control

2012 - Murdoch appointed chairman and Warburton becomes CEO, before more jobs are cut and Ten twice raises hundreds of millions of dollars from shareholders as its share of TV ad revenue hits historic lows

2013 - Warburton is sacked and is replaced by former News Corp executive Hamish McLennan, fuelling speculation of a News takeover

2014 - Murdoch steps down as chairman, Rinehart quits the board, and Ten enters talks with Foxtel and US cable company Discovery about a combined takeover offer

2015 - No takeover deal is agreed on and Foxtel buys a 15 per cent stake in Ten. McLennan steps down as CEO and is replaced by Paul Anderson

June 2017 - Murdoch and fellow shareholder Bruce Gordon say they will not guarantee a new credit facility Ten needs before December. Ten enters voluntary administration on June 14 and shares are suspended, having last traded at 16 cents.


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Source: AAP


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