Ten has been in trouble before and has withstood many hurdles in its history of more than 50 years but is this a bridge too far or a clever strategic play?

Venture Insights explores what went wrong, who are the likely suitors and why Ten will live to fight another day.

Key takeaways

• Ten Network Holdings (TEN) entered voluntary administration on 14th June 2017.
  

• The move was triggered after key shareholders said they would not secure a fresh loan of $250m. Lachlan Murdoch, James Packer and Bruce Gordon refused to extend their existing loan guarantees, obliging TEN’s Directors to call in Korda Mentha.

• The move means that one of Australia’s major FTA operators is on life support – but we expect it to survive. Being forced into receivership may be just what the doctor ordered, providing recapitalisation and restructuring opportunities.

• Key investors have agreed to provide support through until a suitable buyer is located. Ten will be assured sufficient cash to continue operations.

• Venture Insights expect Lachlan Murdoch and Bruce Gordon to secure control in a move which could pave the way for eventual ownership by News Corp