After months of uncertainty surrounding the network's future, Channel Ten has today gone into voluntary administration.
According to The Age, advisory and investment firm KordaMentha has been confirmed as the administrator by Ten, after shareholders advised the network this past weekend that it would not guarantee a loan.
"The Directors of TEN regret very much that these circumstances have come to pass," a statement from TEN via TV Tonight reads.
"They wish to take this opportunity to thank all TEN employees and contractors for their commitment and enthusiasm for TEN's programs and business. In particular, they would like to express their sincere gratitude, respect and admiration for TEN's leadership team, who have achieved everything the Board has asked them to do over the past few years in very challenging circumstances.
"They wish TEN and its management TEN all success in the future as Administrators look to the potential sale or recapitalisation of the business."
The news comes after the network, launched in 1964, reported a net first half loss of $232.2 million in April.
The future of some popular Ten shows including Ten programs such as music show The Loop, The Project, I’m A Celebrity… Get Me Out Of Here! and The Bachelorette remain up in the air.
Speaking to The Music, TV Tonight's David Knox said, "TEN has been in administration before but given that was before streaming and pay-TV we are essentially in uncharted waters.
"The immediate impact on programming for 2017 should be minimal, but how it affects staffing numbers, the news department, its ability to bid for sports rights, and key productions moving forward is a much bigger question. If the media reforms pass it opens up new takeover prospects at an opportune price: News Corp, Foxtel, Bruce Gordon? As I see it your shows are safe for now."
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