The Australian Competition and Consumer Commission has confirmed Lachlan Murdoch and Bruce Gordon will launch a bid to take control of the Ten Network.

The future of the network has been in doubt since Mr Murdoch, son of media mogul Rupert, and Bermuda-based billionaire Mr Gordon wrote to the company on June 13 withdrawing their guarantees for the broadcaster’s $200 million overdraft.

As flagged by The New Daily last month, the pair have now advised the ACCC of their intention to take over the network.

The takeover proposal would see Mr Murdoch’s Illyria and Mr Gordon’s Birketu investment companies each acquire a 50 per cent economic and voting interest in Ten shares, or the assets or shares in the relevant Ten subsidiaries.

“While this transaction is dependent upon the passage of the media reform bill, it is appropriate that the ACCC begin its review of the proposed transaction that has been put to us by the parties,” ACCC chairman Rod Sims said.

“The ACCC will assess the potential effect upon advertisers and upon competition within free-to-air television, and between free-to-air television and Foxtel, particularly in relation to sport, given the holdings of the main players involved,” he said.

Mr Murdoch is co-chairman of News Corp Australia, which owns major daily newspapers and a 50 per cent stake in Foxtel, and he is the owner of the NOVA Entertainment radio network.

He is prevented from having control of radio, newspaper and television assets in the one market under current media laws.

Mr Gordon owns the regional WIN Television network, and control of Ten would put him in breach of the ‘reach rule’ that prevents access to more than 75 per cent of the population.

Peter Cox, a media industry economist, told The New Daily last month that the timing of the pair’s guarantee withdrawal was “interesting”.

The move by the media figures came as submissions closed into the Future of Public Interest Journalism inquiry and amid 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 said a buyout by Mr Gordon 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,” he said.

– with AAP