June 14, 2017 / 1:57 AM / 5 months ago

Ten Network in voluntary administration after Australian backers pull out

June 14 (Reuters) - Australian broadcaster Ten Network Ltd said on Wednesday it would enter voluntary administration after creditors declined to extend their support for a $150 million debt guarantee past 2017.

“The directors of Ten regret very much that these circumstances have come to pass,” the company said in a statement. “During this period, the administrators intend to continue operations as much as possible on a business as usual basis.”

Broadcasters and Ten in particular have suffered large losses and are scrambling to cut costs as advertisers follow viewers who have turned to streaming services like Netflix and Amazon.com Inc’s Amazon Prime. (Reporting by Ambar Warrick in Bengaluru; Editing by Stephen Coates)

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