The struggling Ten Network has signalled grave concerns about its survival in a tough advertising market, after posting a half-year loss of $232 million.

Key points: Ten Network posted a $157 million full-year loss in 2016

Ten Network posted a $157 million full-year loss in 2016 Raises questions about its ability to survive if it cannot secure a new debt agreement

Raises questions about its ability to survive if it cannot secure a new debt agreement Shares tumble again, now down 98pc from 5 years ago

Australia's third-largest network is pinning its future on $200 million in debt financing guaranteed by News Corporation co-chairman Lachlan Murdoch, businessman Bruce Gordon and Crown Resorts majority owner James Packer, which is due to expire in December.

In a statement to the stock exchange, Ten said it was seeking to secure new or amended terms for the loan which would provide a bigger cash pipeline.

But Ten signalled to investors that a failure to renegotiate the debt facility could have dire consequences for the youth-oriented network.

"As a result of the matters disclosed, there is a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern," Ten warned.

"Therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business."

Ten posted a full-year loss of $157 million for 2016.

Ten Network shares tumbled by as much as 20 per cent after the warning and were trading at 36 cents shortly after the market opened.

Ten Network being crushed by digital giants

The dramatic downturn is part of longer term trend, with the company shedding more than 60 per cent of its value in the past 12 months, and almost 98 per cent since trading at more than $14 per share five years ago.

Over the longer term, Ten's fortunes peaked at $32.40 per share in 2005.

The broadcaster of hit programs Masterchef and The Project posted half-year results including a $214.5 million impairment on the value of its television licence.

That takes the total write-downs in the value of Ten's licences to $600 million in the past two years as advertising revenue continues to be eroded and consumed by multinational digital giants such as Facebook and Google.

Ten chief executive Paul Anderson said a growth in revenue of 2.1 per cent to $314 million was not enough to offset weak conditions in the advertising market and increased costs.

"Ten has commenced a transformation program to improve all aspects of the business," Mr Anderson said in a statement.

"This whole-of-business program will improve revenues through a range of initiatives."

Ten should consider receivership to restructure: analyst

Mr Anderson was reluctant to repeat the warnings about "material uncertainty" and "significant doubt" when he spoke to analysts and reporters.

"We have a plan around refinancing the business and we have a plan in order to transform the business," Mr Anderson said.

"What we do acknowledge is that the business has to change... given the state of the advertising market."

Media analyst Peter Cox told The World Today that Ten should consider going into administration to properly restructure the company.

"I don't think their odds are good but it might be in the best interests of Ten to go into receivership," Mr Cox said.

"Then they'd be able to break a couple of their very big contracts for supplier programming that would save them up to $100 million a year.

"So I don't think it's all necessarily bad news for Ten."

Mr Cox said the News Corporation owned Foxtel could launch a takeover for Ten, subject the changes in media ownership laws.