Troubled broadcaster Ten Network will cut an extra $35 million in costs and tap shareholders for $230 million in response to its recent poor performance.
Just over a month since cutting 100 jobs in its newsrooms, Ten has outlined more cost cutting from its news operations, as well as in programming and administration.
As already announced, its Breakfast and Ten Morning News programs have been scrapped, while content agreements have been improved to increase rights and reduce costs.
The broadcaster said its revenue share since the Olympic Games in August was at historical lows, and the outlook for advertising conditions were uncertain.
And chief executive James Warburton said advertising market conditions and Ten's revenue performance had continued to deteriorate since the company posted a $12.9 million full year loss in October.
"The ratings and revenue performance of the main Ten channel this year was clearly below our expectations and not good enough," he told the company's annual general meeting on Thursday.
He admitted that not all the programs launched by Ten in 2012 were successful.
But the network expects improved revenues on the back of the return of MasterChef, The Biggest Loser, The Project and US sitcom Modern Family in 2013, Mr Warburton said.
Chairman Lachlan Murdoch told the meeting that Ten's board, which includes mining magnate Gina Rinehart and fast food entrepreneur Jack Cowin, was hopeful that viewers will "re-engage with Ten" when its schedule improves in January and February.
The new belt-tightening measures are expected to reduce costs in fiscal 2013 by about $35 million to $360 million, although they will result in one-off pre-tax costs of $12 million.
In the company's second capital raising venture in 2012, Ten will offer existing shareholders four new shares for every five they hold at 20 cents each, with the aim of raising $230 million.
It is believed to have the support of major shareholders, including James Packer and Ms Rinehart.
RBS Morgans Brisbane private client adviser Bruce Smith said other investors would not welcome another share issue.
"I think the market will react quite negatively to that given that they raised money not that long ago, and the general fundamentals of Network Ten appear to be not all that solid with their viewer content diminishing at a rapid rate," he told AAP.
"I would think that the market will take a dim view of it and they will have difficulty getting much support from your average retail punter."
Ten shares last traded at 32.5 cents each, and will remain in a trading halt for the remainder of the week.