Ten Network's fate lies in the hands of billionaire shareholders, Bruce Gordon, Lachlan Murdoch and James Packer, for the second time in four years.
The loss-making commercial television broadcaster is looking to secure support for a new financing package from its major investors, who collectively own about 30 per cent of the company.
Ten on Thursday posted a first-half loss of $232.2 million after booking a $214.5 million writedown to the value of its TV licence and suffering a 2.5 per cent fall in revenue.
Faced with a bleak trading outlook given the grim TV advertising market, Ten is seeking to secure a $250 million borrowing facility before its existing $200 million loan expires on December 23.
The three businessmen are already guarantors of the $200 million package, struck in 2013, and without their support for a new facility, Ten says there is a "material uncertainty that may cast significant doubt on the group's ability to continue as a going concern".
"The facility is required as a result of expected future trading performance and volatility within the free-to-air television advertising market," Ten said on Thursday.
Australia's third-ranked commercial TV broadcaster - which employs about 1,000 people - must now demonstrate how it can improve future earnings to win support from its key shareholders.
Australian mining magnate Gina Rinehart and pay TV group Foxtel are also major stakeholders.
Ten has identified cost and revenue initiatives including renegotiation of programming contracts and a hoped-for reduction in federal government TV licence fees as potential avenues to improve its outlook.
Investors are unclear about the major shareholders' commitment, said one analyst, speaking on condition of anonymity
"I think the whole company is in the hands of the lenders now, and obviously nobody knows what they're thinking and what the guarantors are thinking," the analyst told AAP.
The spotlight is on Mr Packer, the analyst said, following the casino mogul's recent retreat from international gaming markets through his shareholding in Crown Resorts and scaling back of other exposures, such as selling his stake in US film company RatPac Entertainment, to focus on his Australian gaming operations.
"He's a real wild card because he seems to be in a real cashing-out mode, and sweating his assets," the analyst said.
Ten, like rivals Nine and Seven, have been lobbying ahead of the May 9 federal budget for a cut to their TV licence fee.
Ten's half-year loss came as costs jumped due to investment in local shows such as The Biggest Loser, Australian Survivor and I'm a Celebrity...Get Me Out Of Here!
While the move has grown revenue and market share, plus a swag of Logies at this year's TV industry awards, costs have outweighed earnings.
The network also warned that it expects to book an annual underlying earnings loss of between $25 million and $30 million if the TV licence fee isn't cut.
Ten shares were down 19 per cent to a record low of 36 cents by 1520 AEST.
TEN POSTS INTERIM NET LOSS
*Net loss of $232.2m vs net profit of $13.4m
*Revenue down 2.5pct to $339.7m vs $348.5m
*No interim dividend
