MELBOURNE Dec 6 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
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.