Ten, Southern Cross programming deal into extra time

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.