Channel Ten has been forced to go into voluntary administration after its billionaire shareholders told it on the weekend they would no longer guarantee a key loan.
The TV broadcaster has appointed KordaMentha as voluntary administrators of the company and its subsidiaries, it announced in a statement to the ASX on Wednesday morning.
The free-to-air broadcaster is pinning its future on securing a new $250 million loan.
Having lost the support of billionaire backers Lachlan Murdoch and regional TV network owner Bruce Gordon "left the directors with no choice but to appoint administrators," the statement said.
The administrators are expected to work closely together with Ten's management, employees, suppliers and content partners while undertaking a financial and operational assessment of the company.
During this period, operations would continue "as much as possible on a business as usual basis".
"The directors of Ten regret very much that these circumstances have come to pass," the statement read.
The board wished the troubled broadcaster and its management "all success in the future as the administrators look to the potential sale or recapitalisation of the business."