What to do with TEN? Last week's downgrade and the revival of corporate interest reminds us of when Kerry Stokes first acquired 20% of SEVEN in 1996. SEVEN was struggling after making a disastrous upfront inventory pricing mistake, and the power factor (TV revenues/TV Ratings) fell to 88%. Stokes capitalised on the SEVEN price drop. Whilst acknowledging that the FTA TV advertising model has been fractured somewhat in the last 10 years, the third ranked commercial licence has a value well in excess of the current operational performance. The operator of the licence is vital and while Kerry Stokes turned over 7 CEO's before he finally declared success, with the right single minded ownership, TEN is only one CEO between a full recovery and the current earnings malaise. TEN's commercial ratings share is not terminal. Without discounting of adverts, TEN's power factor can hit 100% and profits return in 2015.