The News Corp co-chairman and Crown Resorts chairman, who hold a combined 17.9 per cent stake, personally guaranteed a $200 million loan from Commonwealth Bank in October 2013 along with 14.9 per cent shareholder and WIN Corporation owner Bruce Gordon.

In a statement to the ASX on Wednesday morning Ten said that it had received a number of conditional, non-binding proposals which, if implemented, could result "in a change of control of Ten or a refinancing of [Ten's] existing debt facilities".

There are suggestions that at least one director on at the Ten Network Holdings board has been pushing for the beleaguered broadcaster to refinance its debt facilities rather than sell out at below its recent market value.

Two sources close to the board contacted by Fairfax Media said they had not heard of such as proposal and one indicated that some of the takeover offers received also involved a refinancing. The company is keen to show it has more options than just being taken over.

Ten made the statement after it received at least three non-binding conditional proposals. As revealed by Fairfax Media, Discovery and Foxtel have bid 23¢ a share in cash and shares. It is conditional upon regulatory approval.

Ten's independent directors are understood to have met on Wednesday to discuss the Discovery/Foxtel offer and the other offers the company has received.

The US media giant and the Australian cable monopoly, which is owned by News Corp and Telstra, slashed the price of their original, indicative offer from 26¢ a share made several weeks ago over fears about the company's future, after conducting due diligence.

Ten's net debt was $85 million as at August 31. The debt guarantee by Mr Murdoch, Mr Packer and Mr Gordon puts them in a powerful position if the board does not accept a bid for the equity.

However, Mr Murdoch and Mr Packer are known to be keen sellers. Mr Gordon has argued Ten should remain in Australian hands and says he will not sell his stake "at any price" but is also understood he would back  Foxtel taking a stake.

Analysts say the company could face serious financial difficulty within two years at its current trajectory. Ten's television operations lost $79.3 million before earnings before interest, tax, depreciation and amortisation in the year to August 31.

While a refinancing or capital injection could buy the company more time, a takeover could be more attractive because Ten needs to invest heavily in content to boost its ratings and could make faster progress away from the glare of a sharemarket listing.

At least two other bidders are believed to have lodged offers by Tuesday night's deadline for non-indicative bids, including Saban Capital Group, a Los Angeles-based investment firm specialising in the media and communications industries.

Ten's independent directors could face difficulty selling a bid below the prevailing market price, which closed at 24¢ on Tuesday, to minority shareholders. However, Ten shares closed down 6 per cent at 22.5c on Wednesday after Fairfax Media revealed Discovery and Foxtel offer was priced at 23c a share.

Discovery and Foxtel's bid would likely be at a premium to the level at which its shares traded before first reports that potential bidders, including Providence Equity, were circling Ten. Other possible bidders included Anchorage Capital Group, which approached Providence Equity Partners about exploring a joint bid in October.

Ten stressed  "the proposals are confidential, non-binding and conditional in nature and may or may not result in a transaction".