Australian commercial television will likely be reduced to just two players by the end of the decade, with experts saying embattled Network 10 is facing extinction.Queensland University of Technology Professor Amanda Lotz, who leads the Transforming Media Industries research program, said it’s unlikely Australia will still have three free-to-air commercial networks in the near future.
But the network’s failure to meaningfully grow its share of audience coupled with an increasingly disrupted advertising market have almost been eclipsed by Ten’s messy ownership, media analyst and Pearman director of strategy and research Steve Allen said. It’s chaired by Shari Redstone, who has been making moves to sell her family’s controlling stake in the once-giant media company.
There have reportedly been calls from major shareholders for the board to consider a rival bid from private equity firm Apollo Global and Sony Pictures, which has offered $US26 billion for a full acquisition of Paramount Global. “Other assets might be sold off. Those could include the Paramount+ streaming business and the free streaming business Pluto TV in the US. International assets to be sold off could include Australia’s Network 10 and UK’s Channel 5.”
“The pot of ad money hasn’t increased, but the places companies can spend it has,” Prof Lotz said. “Too much money has come out of commercial TV. “All that’s left is sports, news and reality. The idea that having three commercial players doing virtually the same thing is harder to justify.” Beverley McGarvey is the sole boss of the network in Australia after the recent exit of co-lead Jarrod Villani. Picture: Supplied
“The office of the CEO is working with the board to develop a comprehensive, long-range plan to accelerate growth and develop popular content, materially streamline operations, strengthen the balance sheet, and continue to optimise the streaming strategy,” a statement read.