Australia's Ten Network rises in Sydney after industry fees cut

Ten Network Holdings Ltd, an Australian broadcaster, gained the most in six months in Sydney trading after a report the Australian government would cut industry fees. Shares in the Sydney-based broadcaster rose 9.6 per cent to A$1.66 at the 4:10 pm Sydney time close on the Australian stock exchange. That was its biggest gain since July 14. The benchmark S&P/ASX 200 Index increased 0.2 per cent. Australia’s government will provide license fee rebates of 33 per cent this year and 50 per cent next year, the Australian Financial Review reported, citing Communications Minister Stephen Conroy. The planned cut may save the industry A$95m ($82m) this year, according to the report. “Ten is pure exposure to the TV business,” Sean Fenton, who helps manage A$900m at Tribeca Investment Partners in Sydney, said by e-mail.