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More red ink for Oz’s Galaxy TV

SYDNEY – Financially embattled satcaster Australis Media’s Galaxy TV late Thursday reported a net loss of A$51.1 million ($40.7 million) for the quarter ended Sept. 30, bringing Galaxy’s accumulated losses to $353 million.

In less than two years, Australia’s three main satcasters have racked up around $610 million in red ink.

Galaxy’s sales revenue rose 29% to $21 million, but subscriber numbers fell another 10,000 during the quarter to 98,000 compared to 120,000 for Rupert Murdoch’s Foxtel cabler, which started operations eight months later than Galaxy.

Galaxy struggled to fill a $150 million U.S. bond issue in October and required Kerry Packer and Gerry Lenfest to contribute nearly half the funds. It has received another $105 million in emergency bailouts.

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