Disgruntled shareholders of the Ten Network have attacked the management of the struggling television network at its annual general meeting in Sydney.
Ten has announced plans to improve the company's financial position by offering new shares at a heavily discounted price.
It hopes to raise about $230 million to pay down debt by issuing four new shares for every five current investors hold.
The new Ten shares will be offered at 20 cents, well below Ten's 32.5 cent share price before it went into a trading halt on Tuesday.
Shares are down 59 per cent this year and are likely to drop significantly when they resume trading.
The company says the advertising market, which is its key earner, remains weak, and its ability to secure advertising dollars has been poor.
Shareholder Rob Barnwell says he thinks the company has been "terribly badly mismanaged".
"I think the choice of shows is poor, they've lost their demographics, they've lost direction I think, and unfortunately Mr (Lachlan) Murdoch didn't help them," he said.
"He put a lot of people off which has saved a lot of salaries and so on but maybe went a bit too far, I don't know." It is the company's second capital raising in six months and Ten says the proceeds will be used to pay off loans.
Ten Network chairman Lachlan Murdoch ran the meeting and bore the brunt of investor anger, especially from Stephen Mayne of the Australian Shareholders Association.
"The last two years they've destroyed more than a billion dollars.
The stock price is tanked from $1.50 to close to 20 cents," Mr Mayne said.
"They've been doing emergency capital raisings and their ratings are at record lows so it's been an absolute car crash for two years and there needs to be some director accountability." Optimism Ten's problems include weak advertising revenue and not enough viewers.
Despite popular programs like MasterChef and the Biggest Loser, Ten is the biggest loser in the ratings war with Seven and Nine.
Mr Murdoch apologised to shareholders for what he called the company's poor execution of its TV programming and its poor financial performance.
Chief executive James Warburton spoke of Ten's strategy to refresh its programs and continue cutting costs.
Ten has already cut 100 staff from its newsroom and it plans to centralise news operations while maintaining local news content.
However, Fusion Strategy media analyst Steve Allen remains optimistic about Ten's future.
"Really things couldn't get worse so look things have marginally improved even in the last week in terms of their ratings performance compared to the whole spectrum and compared to their immediate competitors in Seven and Nine," he said.
"Now we don't think things are going to get immediately better, we think they're going to go through a pretty rough year next year.
"The outlook for the revenue market place, the advertising revenue market place, is not going to get materially better in our view and in most analysts' point of view.
They really have to get their costs under control."