Ten Network Holdings Limited (ASX: TEN) today announced it has extended the contract of Grant Blackley, CEO - Television, for an additional period of two years, to 31 August 2013.

Ten Holdings executive chairman, Nick Falloon, said: "The Board believes Grant is an outstanding television executive and we are delighted that he will continue to lead the Television business."

Incoming Director Lachlan Murdoch, who will join the Ten Holdings Board in mid-December, said: "This is a positive announcement for the Company and will provide continuity and stability, especially with the recent announcement that Nick Falloon will leave the Company in December."

Earlier this week, Ten announced announced that James Packer and Lachlan Murdoch had accepted the offer to join the Ten Holdings Board in mid-December, following this year's annual general meeting to be held on 9 December 2010.

The Company and Ten Holdings' executive chairman, Nick Falloon, also confirmed that Mr Falloon intends to accept the offer from the Board to stand down from his role as executive chairman and leave the Company immediately following the 2010 annual general meeting.

Shares in Ten lifted 2.5 cents, or 1.66 per cent to $1.53 at 1522 AEDT. Mr Packer's company (CPH) is currently the largest investor in the company.