UPDATE 1.40pm: Ten Network says negotiations for the sale of its outdoor advertising business Eye Corp are continuing, after reports the buyer has concerns about the business's financial performance.
Ten announced in July that it had struck a deal with Outdoor Media Operations (OMO), which is owned by Champ Private Equity, for the sale of Eye Corp for up to $145 million.
The Australian Financial Review has reported that OMO had expressed concerns about the financial performance of Eye Corp, and the eventual sale price may be lower than originally forecast.
Ten said this morning its negotiations with OMO over the satisfaction of the sale terms remained ongoing.
"Ten will update the market, as required, as this transaction progresses," it said in a statement.
Ten is due to release its full year results on Thursday.Shares in the TV company closed down two cents, or 5.41 per cent, at 35 cents.
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