A deal offering financial stability to the Australian company "would be in the interests of the network, its employees and of course its viewers, " Mr. Turnbull said of the CBS offer.
U.S. television network CBS has agreed to purchase Australian tv station Channel 10 today, with the deal set to also allow the company to bring their own Streaming Video on Demand service All Access, to Australia.
Ten CEO Paul Anderson said: "CBS and Ten have had a strong relationship for a number of years; we are very excited about further developing that relationship with CBS as an owner and strength that they will provide to the company at this critical time".
The network was placed into administration in June of this year after Murdoch and Gordon, along with fellow billionaire James Packer, refused to guarantee a 250 million Australian (198.58 USA million) dollars line of credit.
The surprise bid comes after billionaires Lachlan Murdoch and Bruce Gordon had appeared poised to buy Ten after getting clearance from the competition regulator last week, subject to media ownership laws.
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In June, Channel Ten informed the ASX that two key shareholders - Illyria Pty Limited and Birketu Pty Limited - would not be extending or increasing their support to the network.
"We also look forward to working with the outstanding team at Network Ten to enhance and expand on its great legacy of Australian news, drama, reality and sports programming".
Australia is a relatively small market, but would be attractive for a global player like CBS because it is one where consumers are willing to pay for content, said Jun Bei Liu, deputy portfolio manager at Tribeca Investment Partners in Sydney.
CBS and NY hedge fund Anchorage Capital Group were among nine parties that signed non-disclosure agreements to gain access to Ten's information memorandum.
Among that multi-platform distribution will be the launch of its digital subscription video-on demand service, called CBS All Access. An expansion to Canada was announced earlier this month, and reports suggest Australia is among the other planned forays.
Administrator Jarrod Villani of KordaMentha Restructuring stated: "the Receivers and Administrators will work closely together to ensure that operations continue uninterrupted while the transaction is finalised".