Ten Network's newly appointed administrators have pledged to keep the business running as usual as they seek to either refinance or sell the embattled broadcaster.
The third-ranking free-to-air TV station called in administrators on Wednesday after billionaire shareholders Bruce Gordon and Lachlan Murdoch refused to back a new, $250m finance package, leaving Ten facing the prospect of not being able to meet its debts.
Administrator Mark Korda of KordaMentha said Ten could continue with its existing management structure and programming while its finances are examined.
"Network Ten is a quality free-to-air TV network with a rich history of broadcasting well-known Australian television content," Mr Korda said.
"The administrators are confident that the network is an attractive asset which will find a buyer or will be recapitalised."
Ten said its board had "no choice but to appoint administrators" when Mr Murdoch and Mr Gordon refused to guarantee the new finance package, which must be secured by December.
"The directors of Ten regret very much that these circumstances have come to pass," the company said in a statement.
Fusion Media analyst Steve Allen said it appeared that Ten's guarantors had applied a "squeeze play".
"In the end they clearly lost their patience," Mr Allen said.
"Given no one else would step up, it's unsurprising none of the guarantors would guarantee a new facility.
Mr Allen said Mr Murdoch or Mr Gordon could be logical bidders for Ten if it went into liquidation.
However, he said the voluntary administration would give Ten "breathing space" and he did not think the network would be liquidated.
Mr Gordon, who owns the WIN TV network, holds 15 per cent of Ten via his investment vehicle Birketu and Mr Murdoch holds 7.7 per cent via Illyria.
Foxtel is another major shareholder with 13.8 per cent, mining magnate Gina Rinehart holds 8.5 per cent via Hanrine Investments, and casino mogul James Packer holds 7.7 per cent through Aidem Holdings.
Ten said on Wednesday it had identified initiatives as part of a business transformation that would add $50 million to earnings in 2017/18 and more than $80 million in 2018/19.
Ten also said it had "in principle" agreement on renegotiating onerous programming contracts with US studio partners CBS and Fox that, if finalised, could halve their future cost.
"The group is forecasting a return to profitability, they're in the process of renegotiating these contracts, and then the administrators will be out of there," Mr Allen said.
Federal communications minister Mitch Fifield said Ten's predicament was "a wake up call for opponents of media reform" and called on the federal opposition to pass a media reforms package that includes eliminating costly broadcast licence fees.
The media reform legislation will be presented to the House of Representatives on Thursday.
Ten said cutting the licence fee would save it $22 million this financial year.
The prospect of media reforms gave Ten's free-to-air competitors a boost on the ASX, with Nine Network up 6.2 per cent to $1.36 and Seven West Media gaining 5.3 per cent to close at 69 cents.
Ten shares are suspended from the ASX, having last traded at 16 cents.
