Last-minute negotiations between Ten Network Holdings Ltd and Southern Cross Media Ltd over a new multi-year programming agreement have failed, according to the Australian.
According to the newspaper, any deal reached from the high-stakes talks would have come into effect immediately, with the only outcome a one-month extension of the existing arrangement between the parties.
The most recent three-year deal between Ten and Southern Cross expired last night.
The Australian reports Ten will not impose significant penalty fees on its regional affiliate, but has insisted a deal be reached within the month.
Negotiations are said to have stalled over Southern Cross' preference for another three-year deal, where Ten is pushing for a two-year arrangement.
