Ten Network's (TEN) results were expected to be horrible. And this morning the company duly delivered.
After a shocking year of appalling programs, management upheaval and an audience that abandoned the network in droves, newly appointed chief Hamish McLennan has his work cut out for him.
And the much expected turnaround won't be achieved overnight, or even this year.
At $285 million, the overall loss was worse than expected after one off costs $336 million.
But there were some positives. Costs were reduced by 8% to $545.6 million, debt was slashed to $28 million after asset sales and a capital raising and a recently negotiated $200 million covenant light debt facility have all been given a tick of approval.
McLennan is steering the company in a different direction towards an older demographic of 25 to 54 with a concentration on premium sport.
The company has won the rights to the Commonwealth Games and the Winter Olympics in Russia along with some cricket coverage.
This is a long term strategy. And there is no guarantee it will pay dividends. Attracting a new audience is no easy task and ratings will need to flow before revenue starts rolling in the door.
No-one even dreamed there would be a dividend. And Ten delivered on those expectations.