Commercial television network Ten Network Holdings Ltd
(ASX:TEN) says its major shareholder Canwest Global Communications plans to sell down its 50.06 per cent stake in the company.
Ten which release its full year results on October 22, says it expects its television arm to report earnings before interest, tax, depreciation and amortisation of $142 million, and a reduction in costs of two per cent.
Chairman Nick Falloon says while the advertising market remains difficult, there is evidence of the market fundamentals strengthening, such as an increase in the level of general enquiries for advertising in the medium to long term.
Ten Network Holdings has requested a trading halt of its shares to facilitate the sell-down by Canwest.It is unknown how much Canwest will sell its stake for but Ten shares last traded at around $1.37.
Ten Network Holdings 2008 net profit was by far its best in five years.
