Ten takes hit as Canwest looks to sell stake

June 24, 2009 The Ten Network ad revenue slide comes as Canwest Global eyes a possible sale of its controlling stake in the Australian broadcaster to reduce its own debt load and restructure its balance sheet. "The continued negative impact of this challenging and difficult advertising market was the key factor on our third quarter revenue being 15% below the prior corresponding period," Ten Holdings' executive chairman Nick Falloon said in a statement. Falloon predicted full-year TV costs will be down on 2008 figures, and added his network remained focused on cash flow management and debt reduction.

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