Eyes are turning to Ten Network as it works to hash out a deal for its $200 million loan guaranteed by Lachlan Murdoch, James Packer and Bruce Gordon, which is due in December.

There is speculation Ten, the home of Masterchef and The Biggest Loser, will not be able to pay back the loan, particularly after it downgraded its half-year earnings forecast and said it would report a loss of $5 million. It opened negotiations on the loan last year and a new arrangement has not been reached.