"The directors of Ten regret very much that these circumstances have come to pass," the statement continued.
The board also made a mention of all the key members who worked as the major TV network. "[The board] wish to take this opportunity to thank all Ten employees and contractors for their commitment and enthusiasm for Ten's programs and business."
Ongoing financial turmoil casts a question mark over hit shows like Master Chef, Offspring, The Bachelor and iconic Australian drama Neighbours.
The statement also revealed that Ten found savings would boost earnings by $50 million in the 2018 financial year and $80 million in the following year as a result of this move.
Stay tuned for more updates on how this will affect your favourite TV shows.