Ten Network Holdings has announced it will seek to rise approximately $200 million through an Entitlement Offer, to be raised a selling of new shares at $0.51 per share. The offer represents a 20.3 per cent discount to TEN’s closing price on 5 June of $0.64.

 

The company said that the offer will raise the funds required to invest in future programming, while strengthening the company’s balance sheet during in uncertain revenue markets.

 

TEN’s Chairman, Lachlan Murdoch, said the move is a crucial step in for the future prospects of the company.

 

“Given the uncertain revenue environment and our strategy of investing in programming renewal, the Board felt it was important to strengthen our balance sheet at this time,” Mr Murdoch said.