Ten Network's chief executive has resigned from the broadcaster's top job after it tied up a deal with Foxtel, but the competition watchdog warns its blessing for that deal is not guaranteed.

The company's chief executive Hamish McLennan has resigned from Ten's top job after a little over two years in charge.

It will be the struggling network's fifth chief executive in the space of five years, and comes just after Mr McLennan inked a deal with Foxtel that will see the pay TV company take a 14.99 per cent stake in the free-to-air broadcaster, subject to regulatory approvals.

The outgoing CEO, whose resignation is effective from today, said his work at Ten is now done.

"The strategic arrangements announced on June 15, including the proposed investment by Foxtel in Ten and the transformative agreement with MCN [Multi Channel Network], mean that my role is complete," said Mr McLennan, who came to Ten after working as executive vice-president in Rupert Murdoch's office at News Corp.

Mr McLennan will be succeeded by Ten's current chief financial officer Paul Anderson, who has been in that role since March 2011 and at the broadcaster in various roles since 2003.

Current independent director David Gordon will take over as an independent chairman, a role Mr McLennan also held in an executive capacity.

That move is part of changes announced on June 15 that will ultimately see the board shrink from 10 to six members if the Foxtel deal goes ahead.

The six would include two independent directors (one of whom would be the chairman), one representative of Foxtel and three representatives of the existing major shareholders.

ACCC expresses concerns about sports rights, News links

However, approval of the deal between Foxtel and Ten is no fait accompli, with the competition regulator expressing serious concerns about it.

The Australian Competition and Consumer Commission said it will be forensically examining all of Rupert Murdoch's local media interests, as it considers the proposed deal that would see Foxtel own almost 15 per cent of the Ten Network.

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Mr Murdoch's News Corporation has a 50 per cent stake in Foxtel and his son, Lachlan Murdoch, has an 8.5 per cent stake in Ten.

The ACCC's chairman Rod Sims said there is a complex web of corporate and personal relationships between the two companies.

"You've also got other News Limited executives with shareholdings in Ten as well, so we'll have to take all of that into account," he observed.

"We're really looking at, 'is there a substantial lessening of competition in any market as a result of this transaction?'"

Mr Sims said reduced competition for sporting rights is a key plank of the ACCC's consideration.

"In the past we've expressed concerns about sports rights," he explained.

"When you have any tie up between a free-to-air station and Foxtel - we'll obviously look at this more broadly - but sports rights will be a large part of the issues we'll take into consideration."

Ten shares were flat at 21 cents by 12:35pm (AEST).