The ACCC has confirmed Channel Ten’s billionaire shareholders Lachlan Murdoch and Bruce Gordon are launching a takeover bid for the besieged network.

Mr Murdoch and Mr Gordon yesterday signalled their intention to take over the network, seeking a review of a joint bid from the competition regulator.

Mr Murdoch and Mr Gordon, through their respective investment vehicles Illyria and Birketu, have sought an informal review of a joint bid for Ten from The Australian Competition and Consumer Commission.

The ACCC confirmed that bid today.

Play Video The TV network has gone into voluntarily administration after billionaire owners walked away. The West Australian Video The TV network has gone into voluntarily administration after billionaire owners walked away.

Ten was placed in receivership on Monday after going into administration in June and Mr Gordon and Mr Murdoch, along with casino mogul James Packer, are guaranteeing a $30 million finance package that keeps the network running until the end of August.

Previously the billionaire shareholder trio had guaranteed a $200m debt facility for Ten.

Any changes to media law that would allow Mr Murdoch and Mr Gordon to bid for Network Ten are on hold until Parliament resumes on August 8.

The ACCC is conducting a review under its merger process guidelines, with submissions from interested parties due by July 24 and a decision or issues statement due by August 24.