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Ten losses widen ahead of Foxtel deal impact

Financial losses at Australian commercial broadcaster Ten almost doubled to A$312.2m (€205m/$226m) in the 12 months through to the end of August 2015.

The widening losses have been attributed to a previously announced writedown in the value of the broadcaster's television licence. Ten is a major broadcaster of sports coverage in Australia.

Ten is projecting a major lift in advertising revenue, however, thanks to pay-television operator Foxtel's deal to acquire a 15-per-cent stake in the commercial broadcaster. The deal was approved by competition watchdog the Australian Competition and Consumer Commission last week.

Gross advertising revenue is expected to increase by at least 10 per cent in the first three months of 2015-16. Television revenue increased by 4.6 per cent to A$629.3m in the 2014-15 financial year.