Billionaire media moguls Lachlan Murdoch and Bruce Gordon are launching a joint takeover bid for Network Ten.

The Australian Competition and Consumer Commission (ACCC) confirmed this morning that it has commenced a review of this proposed acquisition.

If the deal proceeds, it would see Illyria Nominees Television Pty Ltd and Birketu Pty Ltd each acquiring a 50 per cent stake of the embattled media network.

Birketu is the investment vehicle of Mr Gordon, which owns a 15 per cent of Ten's shares.

As for Mr Murdoch's company Illyria, its current stake is 7.5 per cent.

"While this transaction is dependent upon the passage of the media reform bill, it is appropriate that the ACCC begin its review of the proposed transaction that has been put to us by the parties," ACCC chairman Rod Sims said.

"The ACCC will assess the potential effect upon advertisers and upon competition within free-to-air television and between free-to-air television and Foxtel, particularly in relation to sport, given the holdings of the main players involved.

"However, an ACCC investigation does not mean that the transaction raises competition concerns, but that further consideration is required for the ACCC to reach a view."

What is the media reform bill?

Before Mr Murdoch and Mr Gordon can legally takeover Ten, certain media ownership laws will first need to be changed.

The first law, being the "two out of three rule", prevents an individual or a company owning a newspaper, TV station and radio station in the same licence area.

Mr Murdoch currently owns radio and newspaper assets in markets where Ten gets broadcast.

If he were to take control of Ten, Mr Murdoch would then control all three forms of media - therefore breaching the "two-out-of-three rule".

As for the "reach rule", it prohibits a single TV broadcaster from reaching more than 75 per cent of the population.

This rule is a problem for Mr Gordon as he owns WIN Television, which broadcasts in regional areas.

If Mr Gordon were to control Ten, his reach would extend to metropolitan areas which would put him in breach of the "reach rule".

The Turnbull Government is seeking to overturn these rules with its media law reform bill.

But the bill has not yet been able to pass due to opposition from Labor and the government being unable to secure enough crossbench support.

As a temporary measure, the Government waived broadcasting licence fees for commercial free-to-air television and radio broadcasters last financial year.

Parliament is currently on recess and will not be able to debate this issue until it resumes on August 8.

Why is Ten in trouble?

The two bidders, along with fellow shareholder James Packer, had previously guaranteed a $200 million debt facility for the network, which would expire in December.

Ten went into voluntary administration in June - after Mr Murdoch and Mr Gordon refused to guarantee an extended line of debt financing.

Since then, administrators KordaMentha have been running the network.

Ten was placed into receivership by the billionaire trio on Saturday.

Then on Monday, as expected, Mr Murdoch and Mr Gordon teamed up with fellow shareholders - including Mr Packer - to guarantee a $30 million finance package which meant Ten had more time to find a buyer.

That amount was expected to keep Ten going until late-August.

The ACCC will undertake market inquires and invite submissions about the proposed acquisition of Ten.

The closing date for submissions from interested parties is July 24.

The competition regulator then expects to make a final decision, or publish a statement flagging any competition issues, on August 24.