Australia's Ten Network announces $240 mln capital raising

MELBOURNE Wed Dec 5, 2012 4:58pm EST

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MELBOURNE Dec 6 (Reuters) - Ten Network Holdings Ltd , Australia's third-ranked television network, announced a capital raising of around A$230 million ($240.34 million) on Thursday to reduce debt and strengthen its capital structure.

Ten, which is struggling with weak advertising spending and competition from the internet, priced the offer at A$0.20 per share, a 38.5 percent discount to the company's closing price on December 4.

It is the second capital raising by Ten within six months after the company raised A$200 million in June.

Australian print and television networks are facing a tough market, with advertising depressed by a consumer spending drought and competition intensifying on the internet.