The Supreme Court allowed bail for Sorrayuth Suthassanachinda on Tuesday, and he was temporarily released from prison later in the day.
Bail was also granted for another defendant in the case, Monthana Theeradet, who worked for the former TV news anchor's firm, Rai Som.
The two posted 5 million baht each as surety.
They are not allowed to leave the country and must report to the court every three months, pending judgement on their appeal.
Sorryuth has been held in Bangkok Remand Prison since Aug 29, when the Appeal Court upheld his 13-year and four-month sentence for embezzlement of state advertising revenue at Mcot Plc.
The Supreme Court had earlier rejected his bail application.
Sorrayuth's case involved his company and two other defendants, Montha and former Mcot employee Pichapa Iamsa-ard.
The court found the defendants used forged documents to cheat the Mcot out of 138 million baht in advertising revenue during Sorrayuth's tenure as host of a TV news programme between 2005 and 2006.
