Canwest Global Communications on Wednesday saw third-quarter revenue and earnings slide at its Ten Network in Australia due to a TV ad slump.

Despite a recent ratings bounce, Ten Network reported that its TV revenues fell 15% to AUS$174.1 million ($159.5 million) during the latest quarter, from a year-ago AUS$206.7 million. Ten is 57% owned by Canwest.

Ten’s third-quarter EBITDA was down 76% to AUS$9.1 million ($8.3 million), against AUS$38.2 million in 2008.

‘The continued negative impact of this challenging and difficult advertising market was the key factor on our third quarter revenue being 15 per cent below the prior corresponding period,’ said Nick Falloon, executive chairman of parent Ten Network Holdings, in a statement.

News of the weak Australian ad market comes amid renewed speculation that majority owner Canwest Global will shop its Ten Network stake to pay down its crippling debt load.

Canwest Global spokesman John Douglas declined to comment on recent media reports in Australia and Canada about a possible sale.

‘Quite honestly, we’re not going to get into a speculative game,’ he said.

Douglas did confirm that Canwest Global’s lenders must approve any potential sale of the Ten Network stake.

Canwest Global continues to negotiate with its bankers and U.S. bondholders on a wider debt and balance sheet restructuring that includes cost-cutting and non-core asset sales.