Regional TV mogul Bruce Gordon could emerge as the controller of Network Ten after Tuesday’s chaos, according to an industry expert.

The Bermuda-based billionaire and fellow Ten guarantor Lachlan Murdoch wrote to the company at the weekend confirming they would not renew their guarantees when the current $200 million overdraft falls due to the Commonwealth Bank on December 23.

Network Ten disclosed this to the market on Tuesday and promptly entered a trading halt.

Peter Cox, a media industry economist, said Mr Gordon and Mr Murdoch’s withdrawals could be strategic moves to soften up Ten for a takeover and ramp up pressure on Canberra for a change to media ownership laws.

He saw Mr Gordon, 88, who owns WIN Television and a stake in Nine, as the potential victor.

“A more likely proposition might be that Bruce Gordon converts his debt over to shareholding, increases his control over Ten, and he takes over the running of the network,” Mr Cox told The New Daily.

“Bruce wants to control a media network. It’s always been his dream.”

Mr Gordon controls 15 per cent of Ten. Lachlan Murdoch reportedly holds 7.7 per cent personally, and News Corp (through a 50 per cent stake in Foxtel) controls another 13.9 per cent.

James Packer, the third guarantor of Ten’s overdraft, holds roughly 7.7 per cent. He is reportedly reluctant to renew his guarantee and keen to sell his stake.

Network Ten had asked its guarantors to not only extend the overdraft but to increase the guaranteed sum to $250 million. Instead, the two billionaires bailed, putting Ten’s future in doubt.

Mr Cox noted the interesting timing, given submissions close this week to the Future of Public Interest Journalism inquiry, as well as the recent pressure from media bosses for a relaxation of the ‘two out of three’ rule, which prevents ownership of a TV station, radio network and newspaper in the same market.

The ownership rules would need to be changed for either Mr Gordon or News Corp to take a controlling stake in Ten.

Mr Cox did not rule out a “possible play” by News Corp through Foxtel or Lachlan Murdoch.

“They basically have management control of Ten already. They have Peter Tonga on the board, Lachlan as chairman four or five years ago. They’ve had all of that influence all the way through.”

But he thought News Corp was more likely to attempt to buy a controlling stake in Seven Network because it is better value than Ten and because Kerry Stokes “may be a seller”.

The economist said it was possible the Ten board would go into voluntary administration as a way to cut operating costs and give the government time to change ownership rules.

“I’ve said for quite a while, going into receivership is an alternative. It lets them get out of their contract with Fox and CBS.”

Under its contracts with the two US studios, Network Ten is reportedly required to pay more than $150 million a year for foreign content, no matter what.

However, Mr Cox saw a buyout by Mr Gordon as the more likely scenario, provided media ownership rules could be rewritten before December 23. He interpreted the pulling of the guarantee as a strategic move by the media baron.

“He needs to work everyone else out, doesn’t he. And if he was to put his bank facility back in again, what he could do is swap his bank facility for equity, and perhaps he could get the other boys [Murdoch and Packer] to give him some of their equity.”

He said a Bruce Gordon takeover would be more politically palatable to voters.

“He’s an old, very much respected television executive. He’s run a very successful WIN network for all those years,” Mr Cox said.

“Whereas if News Corp were allowed to buy the control of Ten, this would put a totally monopoly position on the EBITDA and revenue in the industry.

“These are times where we have to look at our democratic principles as well, where plurality is important. Therefore, the decisions about to be made in Canberra on the ‘two out of three’ rule, there’s an argument that it should be tightened up, not let go.”