Channel Ten has been forced to go into voluntary administration after its billionaire shareholders told it on the weekend they would no longer guarantee a key loan, putting the company at risk of insolvency.

The TV broadcaster has appointed KordaMentha as voluntary administrators of the company and its subsidiaries, it announced in a statement to the ASX on Wednesday morning. Trading in Ten shares - which closed at 16 cents on Friday - has been suspended.

Communications Minister Mitch Fifield used Ten's troubles to urge Labor and cross benchers to pass media reform laws.

"Network Ten's announcement today that it will enter voluntary administration is a wake-up call to opponents of media reform," he said on Wednesday afternoon.