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Ten Network Holdings Limited (ASX:TEN) is reportedly in in advanced talks with Facebook regarding a possible partnership.

Sources have told Fairfax Media a potential deal could see Ten integrate its content onto Facebook which would in turn see Facebook benefit from traffic around ''event TV''.

The report comes hot on the heels of Ten reporting a 70 per cent fall in its first half net profit but affirming its turnaround strategy is on track and includes a number of "digital options".

Shares in Ten gained 5.13 per cent on Friday to finish the week at $0.82.

In the first half of the 2012 financial year Ten’s net profit dropped to $20 million.