New York-listed CBS will buy Network Ten from administrators KordaMentha and receivers PPB Advisory in a deal that sees three banks repaid and three billionaires compensated, but leaves nothing to tens of thousands of shareholders, it emerged on Monday morning

The deal also means Lachlan Murdoch and Bruce Gordon have failed in their attempt to buy the network. Both billionaires were shareholders and had also guaranteed a bank loan to keep the network afloat.

CBS will refinance Ten's existing debt, including a loan from Commonwealth Bank and guarantor fees of about $33 million owed to James Packer, Mr Murdoch and Mr Gordon, and will implement a deed of company arrangement, according to KordaMentha. Creditors will be given the chance to vote on the deal at the second creditors' meeting.

Secured loans include at least $98 million to Commonwealth Bank, $841,000 to Westpac and $640,000 to ANZ Bank, according to a list of creditors. This means CBS will take over Ten for about $123 million.