Ten Network has halted trade in its shares as it prepares to raise more capital.
The broadcaster has been struggling, along with most other mainstream media companies, with a tough advertising market and a significant debt load.
Ten shares have slumped almost 60 per cent this year and were last trading at 32.5 cents.
The company already sold shares in June at 51 cents a piece to raise about $200 million in order to give it financial flexibility to pursue new programming while preparing for the maturity of a $210 million debt next March.
It also recently sold its outdoor advertising business for $98 million upfront and $15 million payable in three years if certain conditions are met, saying it was using the proceeds of that sale to pay down debt.
The Australian Financial Review reports that Ten is likely to sell the new shares for around 20 cents each, to raise about $225 million.
Ten has asked for a trading halt until Friday and says it will make announcements around other initiatives at the same time it launches the capital raising.
Ten has a bevy of billionaires as its major shareholders, led by regional television owner Bruce Gordon with 10.2 per cent of the company, mining magnate Gina Rinehart with 10 per cent, Lachlan Murdoch and James Packer both with around 9 per cent.