Network Ten - the home of Masterchef, The Project and The Bachelor - has gone into voluntary administration after failing to win backing for an essential $250 million loan.
In a statement on Tuesday the struggling broadcaster said there was "no choice" but to appoint administrators following the news that shareholders Lachlan Murdoch and Bruce Gordon would not finance a new loan.
Voluntary administration is when the directors of a company experiencing difficulty remaining solvent hand control to independent administrators.
The network's existing $200 million loan is guaranteed by Murdoch, Gordon and casino owner James Packer. It falls due in December, when it will need to be repaid to the Commonwealth Bank.
Three people from the investment firm KordaMentha have been appointed administrators for Ten.
"The administrators have advised the company that they will work closely with management, employees, suppliers and content partners while they undertake a financial and operational assessment of the business," the Network Ten statement said.
"During this period, the administrators intend to continue operations as much as possible on a business as usual basis."
The statement also said the directors "regret very much that these circumstances have come to pass".
Ten employees have posted on Twitter that broadcasting will continue.
We're still here and going strong. The same experienced news team will continue to keep Australia informed. See you… https://t.co/Vk90QGDPVS
Well that sucks... But news doesn't stop. See you at 5
Many have expressed sympathy for Ten employees, who face an uncertain future.
So sad for all #Ten employees - it's a great place to work and a fabulously talented news bunch,thinking of all my… https://t.co/2IDIWnI5P4
A really sad outcome. Good luck to everyone at Ten. https://t.co/WRHYRiqt9l
Meanwhile, others have suggested that the financial woes are due to Ten not showing enough of... The Simpsons.
MAYBE TEN NETWORK CAN KEEP NEWS AND SPORT, DITCH PANEL AND REALITY SHOWS, AND FILL THE REST OF THEIR SCHEDULE WITH… https://t.co/frGEQhJviO