The troubled Ten Network is still talking to suitors despite reports of a failed negotiation

TEN Chief Executive Officer Hamish McLennan . Getty/ Quinn Rooney

The Ten Network says it’s still in talks despite a report that US cable giant Discovery Communications has walked away from an offer.

The AFR reported Discovery and Foxtel had jointly wanted to buy the main assets of the Ten Network with Foxtel.

And the two rejected the Ten board’s alternative offer that Discovery and Foxtel take a 14.99% and a board seat.

Ten today released a statement, noting the media reporting:

“As previously announced, an Independent Board Committee of TEN is considering a number of transaction proposals which vary in type and value and remain confidential, non-binding and conditional in nature. Discussions are continuing with various parties and may or may not result in a transaction which is acceptable to TEN.”

Ten urged caution in dealing in its shares on the basis of media speculation.

The network lost $168.3 million in the year to the end of August.

Shares in the free-to-air network were up 4.5% to $0.23.

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