Politicians from Liberal, Labor, the Nationals and Greens have joined the group, called Parliamentary Friends of the ABC, in the wake of proposed budget cuts of $35.5 million over four years.
The public broadcaster is substantially funded by the Commonwealth, with current annual appropriations standing at approximately $1.1 billion.
The measures are in stark contrast to the previous budget delivered by former Treasurer Wayne Swan, which included an extra $69.4 million for the ABC in extra funding for news and current affairs over four years, as well as $30 million over three years to expand its digital offering.
Mr Turnbull addressed the crowd at the launch of the group, which his Liberal colleague Craig Laundy will co-chair.
Labor’s Melissa Parke will also act as co-chair, Fairfax reports.
Greens Senator Scott Ludlam, independent Senator Nick Xenophon and Nationals MP Bruce Scott have been appointed deputy co-chairs.
Palmer United Party leader Clive Palmer attended the launch, alongside ABC chairman James Spigelman and managing director Mark Scott.
Earlier that day, Mr Scott had sparked an online frenzy after telling a Senate estimates committee that the corporation couldn't guarantee the future of Peppa Pig beyond existing contracts.
“The services we provide depend on the funding envelope,” he said.
Mr Turnbull also joined the cause, posting on Facebook that he would “lead the charge to save her bacon”.
SBS Managing Director Michael Ebeid also addressed Senate estimates on Thursday following proposed budget cuts of one per cent in base funding.
The cuts, equating to $8 million over four years, could threaten specialist content as well as continuing coverage of the FIFA World Cup and Tour de France, he said.
"I have no doubt that we would need to look at the number of languages that we do going forward. I've been the head of SBS no for the last three years. For the last three years we've been looking under every rock for efficiencies to put more money into content."
Shadow Assistant Minister for Communications Michelle Rowland said the Abbott Government may have underestimated the power of people's feelings about the public broadcaster.
"All Australians would be very concerned if their ability to receive quality content that the SBS provides is going to be cut," she said.
"... I think this government is severely out of touch."
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