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Ten Network secures A$154m in capital to pay down debt and integrate sales functions with MCN to improve power ratios.
Dan Blair · Venture InsightsPeriod: Q2 20154 min read
Last updated
Capital raise price per share vs ~26cps market price
Ten's proposed shareholding in MCN sales house
This report analyses Ten Network's A$154m capital raising, headlined by Foxtel's 15% stake acquisition at 15cps. The deal facilitates a merger of sales functions with MCN, aiming to improve Ten's current 0.85x power ratio. While providing immediate breathing space and a 25% shareholding in MCN, the capital injection primarily addresses A$105m in existing bank debt rather than providing the aggressive capacity needed to outbid Nine and Seven for marquee sports rights.
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