TV broadcaster Ten Network went into voluntary administration after a major stockholder withdrew a $250 million credit guarantee. And now, fingers of blame are being raised to pirates who allegedly "brought down" the Australian company after depriving it of "hundreds of millions of dollars" in advertising revenue.

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Ten Network said it is trying to get new terms for a $152.2 million debt financing guarantee. The company had lost over 60 percent of its value in the preceding 12 months and around 98 percent over the past five years.

Graham Burke, Village Roadshow's co-chief executive, said that internet pirates cost Ten Network "hundreds of millions of dollars" in advertising as they continue to get movies and TV shows from illegal sources. For instant, movies supplied to Ten Network by 21st Century Fox such as The Revenant and The Peanuts Movie both received lower broadcasting ratings after they were leaked online.

"Movies from Fox arrive with several million people having seen them through piracy. If it wasn't piracy, the ratings would be stronger and the product would not be arriving clapped out."

Ten Network was particularly vulnerable to piracy as Australians have taken piracy to a far bigger per capita rate than "virtually anywhere else in the world." In fact, Australia accounts for about 12 percent of global illegal downloads, The Australian reported.

However, TorrentFreak noted that whether contents were leaked or not, they do not come cheap. Ten Network reportedly attempted to re-negotiate content supply deals with Fox and CBS, which would cost the broadcaster over around $684.6 million over the past six years.

"A large part of Ten's expenditure is on movies and they are being seen by millions of people illegitimately on websites supported by rogue advertising for drugs, prostitution and even legitimate advertising," Burke said. "The cumulative effect of all the pirate product out there has brought down Ten."