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Channel 10 has been fighting a losing battle in the ratings against its commercial rivals throughout the year.
He is one of Australia's best known comedians, radio presenters and TV hosts.
Kyle Sandilands has said The Project is failing to attract viewers because its jokes are 'too lame' and not funny.
Famed game show Deal or No Deal looks set to make a comeback.
The stars turned out for Moulin Rouge! The Musical in Melbourne on Thursday night.