Bruce Gordon and Lachlan Murdoch are forming a joint venture to restructure Network Ten, which could result in the pair taking the broadcaster private if Communications Minister Mitch Fifield can pressure Labor, the Greens, or the crossbench enough to pass changes to media ownership regulation.

On Wednesday morning, Ten's board of directors put the free-to-air broadcaster, home of The Biggest Loser and Masterchef, into voluntary administration, as foreshadowed by The Australian Financial Review on Tuesday night.