Ten Network investors keen for an update on a possible takeover of the struggling broadcaster would have left the company's annual general meeting disappointed.
Chief executive Hamish McLennan was tight-lipped on the company's talks with suitors, which include a consortium of pay TV provider Foxtel and US cable giant Discovery.
"At this stage, there is no further update," Mr McLennan told shareholders, adding there was "no commitment that anything will happen".
After the meeting Mr McLennan said the discussions with suitors were "open ended".
But he expressed disappointment with the flow of media leaks about the takeover talks, which have revealed Foxtel and Discovery's 23 cent per share offer that values Ten at $605 million.
It has also been report that US based television turnaround specialist Saban Capital has put forward a lower bid.
"I think it's really unfortunate the leaks that have come out," Mr McLennan told reporters.
Ten earlier this month confirmed it had received a number of non-binding proposals that could result in a takeover or a refinancing of the company's debt.
Mr McLennan also told the meeting the network was hopeful of a small pick-up in the television advertising market in 2015.
"While the television advertising market remains short, we are expecting it to record marginal growth during 2014/15," he said.
The third-placed free to air network's decision to switch its focus from building a breakfast TV presence to lifting its prime time ratings was paying off, he said, with a lift in prime time ratings for the first time since 2011.
Meanwhile, Gina Rinehart's representative on the company's board said the mining billionaire wanted to turn around the shrinking value of her investment in the network.
"It's public knowledge that we are well underwater from our initial acquisition price and we will do everything necessary to help the company to get back to where it should be," John Klepec said.
Ms Rinehart bought a 10 per cent stake in Ten in 2010 for a reported $165 million, and her holding is worth around $53 million at the current share price.
Mr Klepec was elected to the board on Wednesday, after being appointed in November after Mrs Rinehart stood down because she was unable to attend meetings.
Ten's major shareholders also include James Packer, Lachlan Murdoch and WIN TV owner Bruce Gordon.
Ten shares fell one cent to 21 cents.
Share
