Ten Network Holdings Limited (ASX: TEN) shares are done and dusted, with TEN having entered voluntary administration last week.
At least we could say that shareholders had a good run…
…actually, nevermind.
TEN share price
As can be seen above, it wasn't one enormous shock that took shareholders by surprise.
It was a slow, painful existence for long-term shareholders — and viewers.
Don't get me wrong, there were some jaw-dropping moments. Like when The Shire aired across Australia.
I'm not talking about the shire from a The Lord of Rings novel, either. It actually happened.
For a long while, it appeared TEN was airing just about anything.
Indeed, Channel Ten and its parent company, TEN Network Holdings, had some calamitous moments.
But TEN's downfall, which last week slapped shareholders in the face like a rotten tomato from Con the Fruiterer — part of TEN's classic, The Comedy Company — was a result of years of poor management and industry headwinds.
The second point is especially telling.
While Channel 10's The Project TV is an example of a production that has embraced consumers' shift to the internet, and blossomed.
For the most part, the rest of TEN has been unable to counter the shift towards the internet and online streaming.
And with the likes of YouTube, part of Alphabet/Google, Amazon, Netflix and Facebook offering on-demand or live streaming services, it appears too late to clean up TEN's mess in public markets.
I just hope sharemarket investors took our (repeated) advice and got out while they could because I think it's highly likely TEN won't be returning to the ASX.
