Ten Network creditors have voted overwhelmingly in favour of a takeover by US giant CBS, delivering an apparent knockout blow to Bruce Gordon and Lachlan Murdoch's hopes of owning Australia's third-ranked TV broadcaster.
At a key meeting on Tuesday, hours after the US media behemoth raised its offer to unsecured creditors by almost $10 million to $40.6 million, Ten's creditors, including employees, voted almost unanimously to back the sale to CBS.
Following the vote in Sydney, CBS Asia-Pacific managing director Stephen White said CBS was pleased with the "overwhelming support" from creditors and employees.
"It's a good day, a good day for Channel Ten and we look forward to the future," Mr White said.
The revised CBS bid, presented to Ten's administrator KordaMentha on Monday night, will pay $40.58 million to unsecured creditors.
A Ten employee at the meeting said only two hands went up when creditors were asked if they wanted to adjourn to consider a counter offer by Mr Gordon and Mr Murdoch.
A CBS spokesperson told AAP the media giant was anticipating a quick conclusion to the deal, which requires Foreign Investment Review Board approval and court approval of the transfer of all Ten shares to CBS.
"We look forward to completing this transaction and working with the terrific team at Ten to build and expand upon the great legacy of the network in Australia," the spokesperson said.
Mark Korda of KordaMentha - the Ten administrator accused by Mr Gordon of misrepresenting his bid to creditors - greeted the outcome warmly.
"I think the industry is genuinely excited about having a $27 billion big brother watching over Channel Ten," Mr Korda said.
Mr Korda said Ten has "had its auction" and the deal is now awaiting settlement and approvals.
"It's business as usual for employees, business as usual for programmers and the transaction should be completed in four to five weeks," Mr Korda said.
The competing proposal from billionaire Ten shareholders Mr Murdoch and Mr Gordon was snubbed, a day after Mr Gordon 's bid to derail the CBS takeover was rejected by the Supreme Court.
Ten receiver and partner at PPB Advisory, Christopher Hill said the new deal ensures a strong and stable Ten would continue to operate under the control of a major media organisation.
With Justice Ashley Black on Monday dismissing Mr Gordon's attempt to delay the vote by accusing KordaMentha of withholding information about the CBS offer, Mr Gordon has reportedly begun preparing an appeal.
Mr Murdoch and Mr Gordon - through their respective investment vehicles Illyria and Birketu - had launched a takeover bid for Ten in late August only to be trumped by the surprise CBS bid.
Shares in the financially distressed broadcaster have been in a trading halt since June.
