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Rinehart laments Ten's delayed cost cuts


Ten Network's major shareholder and board director, mining billionaire Gina Rinehart, says the struggling broadcaster could have done more to cut costs in the past.

Mrs Rinehart said the troubled network should have been more prompt in reducing costs during the past two years.

"I think we could have done more there and obviously we are not doing well enough yet with our programming," she told reporters after Ten's annual meeting for shareholders on Thursday.

"So these are things that I hope we will see some more improvements on."

Ahead of the meeting, Ten announced plans for more cost cuts to its programming, administration, and news and operations divisions designed to deliver savings of about $35 million in fiscal 2013.

It also hopes to raise $230 million in what will be the network's second capital raising in six months.

Mrs Rinehart, who owns about 10 per cent of Ten stock, said she would decide on Friday whether to participate in Ten's capital raising.

Ten plans to raise $230 million with the issue of new shares at 20 cents per share.

Ten chairman Lachlan Murdoch said the company's three other big shareholders - himself, James Packer and Bruce Gordon - had committed to participating fully in the capital raising.