Creditors of Network Ten voted overwhelmingly in favour of the rescue bid from US TV giant CBS, at a second creditors meeting for the failed broadcaster on Tuesday.

In doing so, Ten's employees - who formed the majority of creditors by a significant margin - emphatically rejected the rival proposal from the network's former executive chairman, Lachlan Murdoch, and billionaire investor Bruce Gordon.

Administrators were appointed in June after Mr Murdoch and Mr Gordon withdrew their guarantee of Ten's debt.

Ten's lead administrator, KordaMentha's Mark Korda said that besides CBS voting as a creditor in favour of its own bid "substantially all other creditors" voted in favour of its offer.