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Channel 10 is facing ‘devastating cuts’ as U.S. share price plummets

Channel 10 is facing ‘devastating cuts’ as U.S. share price plummets

Channel 10 is facing ‘devastating cuts’ as U.S. parent company ViacomCBS’ share price plummets… after the network was forced to axe Kerri-Anne Kennerley and Tim Bailey last year

  • Channel 10’s parent company ViacomCBS stock fell by a whopping 55 per cent in the space of a week last month, throwing the media conglomerate into turmoil
  • ViacomCBS share prices plummeted from a record US$100.34 on March 22, to a Thursday price of US$44.60
  • The Australian broadcaster could pay a price for the losses, with ‘devastating cuts’ on the horizon, according to industry website TV Blackbox 
  • When the U.S. media giant’s share price dipped in 2020, it was followed by a series of savage cuts at Channel 10
  • Network stars Kerri-Anne Kennerley and weatherman Tim Bailey among others were axed as a cost-saving measure

A crushing financial blow to Channel 10’s U.S. parent company has cast a dark cloud over the Australian broadcaster’s future.

ViacomCBS stock fell by a whopping 55 per cent in the space of a week last month, throwing the media conglomerate into turmoil.

And a beleaguered Channel 10 could pay a price for the losses, with ‘devastating cuts’ on the horizon, according to industry website TV Blackbox.

Let go: A crushing blow to its U.S. parent company has cast a dark cloud over the future of Australia's Channel 10. Pictured: former network star Tim Bailey

Gone: Kerri-Anne Kennerley (pictured), Natarsha Belling and Tim Bailey were three of the stars let go by the station in August last year

Let go: A crushing blow to its U.S. parent company has cast a dark cloud over the future of Australia’s Channel 10. Pictured: former network stars Tim Bailey (left) and Kerri-Anne Kennerley (right), who were made redundant last year as a cost-saving measure

When the U.S. media giant’s share price dipped in 2020, it was followed by a series of savage cuts to Channel 10 that claimed the scalps of beloved network stars Kerri-Anne Kennerley and weatherman Tim Bailey.

ViacomCBS share prices went into freefall in recent weeks, plummeting from a record US$100.34 on March 22, to a Thursday price of US$44.60.

The corporation had ‘been beset by a confluence of factors that… crashed its stock price’ reported Yahoo! Finance on Tuesday.

Those factors included a recent stock offering designed to help fund investment in streaming content that diluted the share price, and several analyst downgrades on the company.

Troubled: ViacomCBS stock fell by a whopping 55 per cent in the space of a week last month, throwing the media conglomerate into turmoil

Troubled: ViacomCBS stock fell by a whopping 55 per cent in the space of a week last month, throwing the media conglomerate into turmoil

Bright spot: The network has struggled in the ratings in recent years, with Sunday's finale of The Amazing Race being a rare example of a Channel 10 show breaking the night's top five. Pictured: The Amazing Race host Beau Ryan

Bright spot: The network has struggled in the ratings in recent years, with Sunday’s finale of The Amazing Race being a rare example of a Channel 10 show breaking the night’s top five. Pictured: The Amazing Race host Beau Ryan

Following a sharp dip in ViacomCBS’ share price last June, Channel 10 wielded the axe and several on-air personalities were made redundant.

Kerri-Anne Kennerley, Natarsha Belling and Tim Bailey were just three of the stars let go by the station in early August.

Then, in September, the network changed the way it produced its news and started airing its Brisbane 5pm News out of Sydney and its Adelaide news out of Melbourne to cut costs.

At the time, Chief Content Officer Beverley McGarvey said the decisions were ‘essential to future-proofing our business’.

Channel 10 declined to comment when contacted by Technomiz Australia. 

Underwhelming: Meanwhile, new offerings like game show The Cube, hosted by Andy Lee, have underperformed, barely cracking the top 20 on Wednesday

Underwhelming: Meanwhile, new offerings like game show The Cube, hosted by Andy Lee, have underperformed, barely cracking the top 20 on Wednesday

CBS (later ViacomCBS) purchased Channel 10 in 2017. 

The network has struggled in the ratings in recent years, with Sunday’s finale of The Amazing Race being a rare example of a 10 show breaking the night’s top five.

The episode was watched by 691,000 people in the five major cities.

Meanwhile, new offerings like game show The Cube, hosted by Andy Lee, have underperformed, barely cracking the top 20 on Wednesday.

Low point: Game of Games, hosted by Grant Denyer, was another notable flop for Channel 10

Low point: Game of Games, hosted by Grant Denyer, was another trascendente flop for Channel 10

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