Ten Network has announced it will go into voluntary administration, a day after its billionaire shareholders refused to back a new finance package.
Adminstrators KordaMentha have been appointed to run the company following the decision by Bruce Gordon and Lachlan Murdoch not to guarantee a $250 million finance package.
KordaMentha will run the TV network "as much as possible on a business as usual basis", Ten said in a statement to the ASX.
The administrators will now examine a potential sale of Ten as an option, alongside securing new financing to replace the current $200m package which expires in December.
Ten said its directors had "no choice but to appoint administrators" after Mr Gordon and Mr Murdoch declined to back the new finance package.
"The directors of Ten regret very much that these circumstances have come to pass," the statement said.
