News: Ten makes play for cricket

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Ten Network Holdings Limited (ASX:TEN) has made a $500 million offer for Cricket Australia broadcast rights over five years, according to media reports.

 

Ten's reported offer covers all Test and limited-over matches and domestic competitions such as the Big Bash League.

 

The broadcaster would likely incur $20 million in additional production costs if the deal goes ahead.

 

While Ten's offer is not expected to generate profits for the network, it would be seen as   a significant loss for Nine.

 

Ten's new chief executive Hamish McLennan has reportedly targeted sports programming as a key to reviving the network's ratings struggles. 

 

Ten posted a net loss of $240 million for the first half of fiscal 2013.