Federal Labor believes the decision by US media giant CBS to buy the Ten Network proves why the Turnbull government's media ownership reforms should be parked.
The broadcaster has entered a binding agreement to acquire the business and assets of the troubled Australian media company.
"The case for abolishing the two-out-of three rule was to save Channel Ten," Opposition Leder Bill Shorten told reporters in Melbourne on Monday.
"Well CBS has saved Channel Ten so we don't need to tamper with media diversity laws."
Receiver PPB Advisory and administrator KordaMentha said in a joint statement that CBS, which owns Ten shows including NCIS and was among the network's creditors, had has entered into a binding transaction document to acquire the business and its assets.
"As part of the agreement to purchase the Network Ten business, CBS will provide immediate financial support to ensure continuity of operations ahead of the upcoming meeting of creditors," KordaMentha administrator Jarrod Villani said.
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Battling third-ranked TV network Ten is in administration and will either find new financial backers or be sold.
