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Ten’s boss takes home almost $2m

Posted on 01/31/2019 | in 深圳桑拿网 | by

Ten Network chief executive Hamish McLennan received almost $2.

深圳桑拿网

5 million in his first full year in the job.

The broadcaster’s annual report showed the 48-year-old took home almost $1.96 million in 2013/14, before including more than half a million dollars in superannuation and share options and rights.

That is less than the almost $2.2 million paid to his predecessor James Warburton before he left after only 13 months.

Chief financial and operating officer Paul Anderson received $1.02 million.

The TV station made a net loss of $168.3 million for the fiscal year amid weak ad sales and higher costs, but that was an improvement on the previous year’s $285 million loss.

Ten is being widely touted by analysts as being a takeover target and has been meeting with potential suitors.

Those interested include US cable TV giant Discovery Communications and local pay TV operator Foxtel, as well as Time Warner and private equity group Hellman & Friedman.

Writing in Ten’s annual report, Mr McLennan repeated his disappointment with the federal government’s lack of progress with reforming media ownership laws that restrict ownership of TV, radio stations and newspapers in the same market.

Less restrictive laws would make it easier for Ten to be taken over by, or merge with, another media company.

“And yet, in Australia we remain hamstrung by last-century laws, such as the two-out-of-three rule, which are restricting three media sectors from accessing the scale and capital that is essential for growth,” he said.

“We know that the government agrees with us and we sincerely hope that it acts early to level the playing field and give homegrown media companies a fair go.”

Ten on Monday also revealed that activist shareholder Stephen Mayne was standing for election to the company’s board at December’s annual general meeting.

Billionaire Gina Rinehart and chairman Lachlan Murdoch, both still major shareholders, resigned from the board in 2014.

The board is not backing Mr Mayne’s election but is endorsing Ms Rinehart’s nominee John Klepec, who is chief development officer at her mining company Hancock Prospecting.

Mr McLennan said controlling costs and increasing ratings was Ten’s priority over the next year.

It also would focus on: developing its Event TV division, which means programs such as The Bachelor or Big Bash cricket; the 25-54 age group; consistent, stable program schedules across its three broadcast channels; and expansion of its digital platforms and revenue.

Ten’s shares had climbed half a cent to 27 cents by 1229 AEDT.

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