P.M. BRIEFING : Aussie Network in Receivership

The country’s troubled television networks were dealt a new blow today when the Channel 10 network was placed in receivership.

It is the second network to meet that fate in less than a year. Receivers moved into Channel 7’s Sydney headquarters in November, 1989, and are still seeking a buyer.

A consortium of banks owed a total of $368 million backed today’s decision by Channel 10’s owner, Northern Star Holdings, which is estimated by media analysts to be losing more than $820,000 a week.

Channel 10 has been consistently losing the ratings war waged with commercial counterparts Channels 7 and 9 as well as the state-owned Australian Broadcasting Corp.