The troubled Ten Network will be purchased by the US-based broadcasting giant CBS.

Key points: A hold-up on media law reforms in the Senate has hampered a joint bid for Ten from Lachlan Murdoch and Bruce Gordon

A hold-up on media law reforms in the Senate has hampered a joint bid for Ten from Lachlan Murdoch and Bruce Gordon US-based CBS, which is a major content provider of Ten, instead emerges as winning bidder

US-based CBS, which is a major content provider of Ten, instead emerges as winning bidder CBS will launch subscription streaming service 'CBS All Access' in Australia to counter Netflix and other providers

Ten Network's receivers, managers and voluntary administrators have confirmed that CBS has entered into a binding agreement to buy the broadcaster's business and assets.

The winning bid from CBS comes after the Australian Competition & Consumer Commission (ACCC) said it would not oppose a joint bid by media magnates Lachlan Murdoch and Bruce Gordon to buy Ten.

However, the bids from Mr Murdoch and Mr Gordon were reliant on changes to Australian media law being passed by the Senate.

CBS is currently a major content provider to Ten and the delay in Australia's media law reforms made it the preferred bidder over the Murdoch/Gordon proposal.

Ten was placed into voluntary administration in June after its billionaire creditors Mr Murdoch, Mr Gordon and James Packer backed away from guaranteeing a new $250 million line of credit.

The deal for CBS to buy Ten requires the approval of the Foreign Investment Review Board.

CBS is listed on the New York Stock Exchange and is valued at US$28 billion ($35.3 billion).

The receivers PPB Advisory and administrators KordaMentha said the deal was brokered following "a rigorous sales process".

CBS will also launch video on-demand service in Australia

PPB advisory partner Christopher Hill said Network Ten had played a significant role in Australia's broadcasting landscape over the decades.

"The sale of the business to CBS will allow the iconic broadcaster to move into a new chapter on a strong and stable footing," Mr Hill said in a statement.

CBS is currently a major content provider to Ten, offering shows such as NCIS. ( CBS )

Administrator Jarrod Villano of KordaMentha said the objective was to ensure that operation continue uninterrupted while the transaction is finalised.

"CBS will provide immediate financial support to ensure continuity of operations ahead of the upcoming meeting of creditors."

In addition to the core channel Ten, the deal includes digital channel Eleven, of which CBS already owns a 33 per cent stake, digital channel One and Network Ten's digital platform, Tenplay.

CBS chairman and chief executive Les Moonves said in a statement he was confident of turning Ten around.

"Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia," Mr Moonves said.

"We have been able to acquire it at a valuation that gives us confidence we will grow this asset by applying our programming expertise in a market with which we are already familiar."

In addition to Ten's free to air assets, CBS will launch its digital subscription video on-demand service CBS All Access to counter the growth of streaming services like Netflix, Stan and Amazon Prime Video.

The company recently unveiled plans to make the service available in Canada next year.