The Ten Network's major investors — Lachlan Murdoch, Bruce Gordon and James Packer — have called in the receivers as expected.
Christopher Hill, Phil Carter and David McEvoy of PPB Advisory have been appointed as receivers of Ten.
PPB Advisory will finance Ten while preparing the television station for sale or recapitalisation through a competitive tender.
"PPB Advisory will also provide immediate funding to Network Ten, backed by the existing shareholder guarantors," PPB Advisory said in a statement.
"This will allow operations to continue while the process to identify a suitable party to purchase or recapitalise the business is conducted."
They say operations will continue as usual while the sales process goes on.
The administrators, KordaMentha, will continue to run the network.
Earlier in the week, administrator Mark Korda told the ABC that Ten was cashflow positive but would need additional funding to keep operating while plans were made to keep the business afloat.
He said small investors were unlikely to get any of their money back.
A number of expressions of interest have been made to buy Ten, including a joint bid from Mr Murdoch and Mr Gordon.
Australian Shareholders' Association director Stephen Mayne said he believed the Ten Network would be saved from going under and he was hopeful small shareholders may get some return.
