As Ten Network went into voluntary liquidation today, speculation continued over a likely ownership outcome.

And a common denominator appears to be Rupert Murdoch's News Corporation and its bigger Twenty-First Century Fox stablemate.

Ten is in trouble because Lachlan Murdoch, Bruce Gordon and James Packer - who guaranteed a $200 million loan facility which expires two days before Christmas 2017 - have said they are unwilling to renew support. Ten asked for a 48-hour trading halt yesterday while it assessed its options. Receivership enables it to escape contracts including a content agreement with Rupert Murdoch's Fox.

Lachlan Murdoch, who is co-chairman of News Corp - as well as Gordon - is being touted as a possible bidder for the broadcaster's assets, and there is speculation that News-owned Sky News could come to its assistance with an agreement to supplement Ten's already-reduced news coverage.

Currently Packer and Lachlan Murdoch's Illyria each have 7.7 per cent of Ten, with Gordon controlling 15 per cent through Birketu.

Key to any change would be that Australia's cross-media ownership laws are relaxed.

After joining media chiefs to lobby politicians on law reform two weeks ago, News Corp Australia executive chairman Michael Miller used the group's newly-acquired Queensland regional newspapers last week (right) to canvass emotional support for the changes.

He argues that current rules are "guaranteeing that ... voices have no future channel".

"To survive, regional commercial media has to be able to sell advertisers a compelling reach and relevance story and in today's ever competitive market that means a multi-channel and multi-platform audience," he says.

Miller claims regional media operations are currently prohibited from tapping into a bigger operation in order to counter tech giants' reach: "The laws as they stand damage Australian media, Australian jobs and ultimately Australian communities."

News acquired the former APN Australian Regional Media titles last year for $36 million, following ACCC approval.

News Corp Australia appointed former Ten director Siobahn McKenna to a new role as its head of broadcasting in March, signalling a change of emphasis for the Murdochs' newsmedia operation in the country.

Peter Coleman