Ten Network Holdings Limited (TEN) entered a trading halt pre-open as the television station confirmed that Canadian based Canwest was seeking to off-load its 50.06% stake. Despite this, Ten confirmed all previous earnings guidance.

Ten is due to release its annual results on 22 October.

Ten Holdings executive chairman Nick Falloon focused on an uptick in the advertising market.

“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 for the medium to long term,” Mr Falloon said.

The company confirmed that no new Ten Holdings shares would be issued as part of this sale process.

The group released preliminary results indicating EBITDA was expected to be in the range of $151 million, with a net debt of $445 million.

Last year the company reported a group EBITDA of $215 million.

The company’s shares are halted at $1.365.