UPDATE 1.05pm: Ten Network is in danger of having to conduct its second capital raising in less than six months, after the $145 million sale of its outdoor advertising business hit a hurdle.

Ten announced that an agreement made in July to sell its Eye Corp business to Outdoor Media Operations (OMO) for as much as $145 million had been terminated.

However, it also said that it was still in talks with OMO over the potential sale.

OMO is owned by private equity firm Champ Private Equity.

"While Ten has reserved its legal position regarding the purported termination, Ten and OMO remain in discussions with the aim of agreeing amended sale terms,â€