Network Ten is being put into voluntary administration.
Ten entered a trading halt on Tuesday with the future of the free-to-air broadcaster placed in fresh doubt as it attempts to refinance a crippling loan.
Billionaire shareholders Lachlan Murdoch and Bruce Gordon have confirmed they will not guarantee Ten's $250 million debt renewal due in December.
Fairfax Media report that KordaMentha is likely to be appointed as administrator by the company.
More to come.