Big losses at Ten for mogul trio Murdoch, Packer and Rinehart

Ten Network's profits have plunged – and so have Lachlan Murdoch's, James Packer's and Gina Rinehart's investments.

The trio of media moguls have suffered heavy losses as Ten's first half revenue has slumped by 14%.

The fall has reportedly knocked $205 million from the three top dogs' combined investments – Rinehart has lost $83 million, Packer $67 million and Murdoch $55 million. 

A year after he was appointed acting CEO of Ten Network Holdings, and in the same month as being appointed chairman, it's bad news for Murdoch.

Within weeks of taking charge last year, Murdoch took an axe to the channel, slashing 100 jobs as part of a cost-cutting drive to turn the free-to-air channel into a leaner operation.

Several months down the line, and he had changed Channel Ten's strategy, sacked 12% of the workforce, cut high-profile programs such as 6.30pm with George Negus – and put Andrew Bolt on TV with The Bolt Report instead – and seen ratings failures such as The Renovators.

Add into the mix a 90% fall in the network's net profit last October. And now a further 40% slump in operating profit – to $64 million – and a 14% fall in revenue from its TV business.

Ten Network shares are now at their lowest levels in almost three years.

New chief executive James Warburton, who took over from Murdoch in January, said in a statement: "The first-half results reflect tough trading conditions and a difficult final quarter to calendar 2011 as the company reset its cost base and focused on creating a more sustainable business."