Three of Ten Network Holding's billionaire shareholders would realise losses of almost $400 million if the 23c a share joint bid between US cable TV giant Discovery Communications and local pay-TV monopoly Foxtel was accepted.

Fairfax Media calculates that Crown Resorts chairman James Packer, former Ten chief executive and current co-chairman of News Corp Lachlan Murdoch and Australian's richest person Gina Rinehart would realise a loss of about $399.8 million if the Discovery/Foxtel bid prevails.

Sources: Ten, Bloomberg.

This estimate doesn't include Ten's biggest shareholder, WIN Corporation owner Bruce Gordon, who owns 14.9 per cent of the company. Determining Mr Gordon's would-be losses is difficult, considering that the Bermuda-based billionaire accumulated his stake during 10 years, buying at a variety of prices.

Fairfax Media reported on Wednesday that US cable TV giant Discovery Communications and local pay-TV monopoly Foxtel slashed their original indicative offer for Ten because they are concerned about the health of the company - which has been hit hard by poor ratings - after Ten's management briefed them three weeks ago.