A large chunk of the Ten’s shares changed hands today, representing about eight per cent of the company.
Shares worth about $30 million were sold just after 10am and follow a significant sale yesterday, when fund manager Perpetual sold about 3 per cent of the company.
Perpetual's sale took its stake down to 7.8 per cent, or 111 million shares - roughly the amount that changed hands in a block trade this morning.
Put together, the two sales ad up to close to 11 per cent of the company’s shares, suggesting a major stakeholder is reducing its stake in the media company.
Ten’s biggest shareholders after Perpetual are James Packer, Lachlan Murdoch, Gina Rinehart and Bruce Gordon.
Shortly after the trade, Ten Network confirmed reports it had finalised the sale of its outdoor advertising operation to oOh!media, controlled by Champ Private Equity.
The price tag of $113 million for Ten’s Eye Corp falls well below the $145 million sale figure proposed earlier this year, before the sale stalled.
Investors weren't impressed by the sale, driving Ten's shares down as much as 3.6 per cent to 27 cents, after the stock rose as much as 3.6 per cent in early trade.
Ten said in a statement that the proceeds of the sale would be used to pay down debt and would strengthen the network’s balance sheet as well as giving it greater re-financing flexibility.
Although Eye operates in Australia, New Zealand, US, UK and Indonesia, oOh will sell off the US and UK parts of the business.
oOH!media’s chief executive, Brendon Cook, said the new entity, to trade as oOh!media, would be the clear market leader, and would change the face of the out of home advertising sector.
Mr Cook said out of home advertising was in a wonderful position to take advantage of emerging technology and was fortunate that its audience was not shrinking, unlike many other sections of the media.
‘‘Through this acquisition we will redefine the out-of-home category by not only making it easier to buy traditional outdoor advertising, but also fast-tracking new technologies and mediums to more effectively reach targeted consumers wherever they are,’’ he said.
Ten said the sale was not subject to any conditions and was expected to take effect from today.
Ten this month launched a wide-ranging cost-cutting program, including cutting up to 100 jobs. Ten recently revealed a $13 million loss for the year ending August 31.