Fresh takeover speculation is swirling around the troubled Ten Network, with pay TV operator Foxtel and US cable giant Discovery believed to be considering a joint bid.

Discovery and Foxtel, which is half-owned by Rupert Murdoch’s News Corp, have been asked by the loss-making free-to-air broadcaster to submit preliminary non-binding proposals soon, the Australian Financial Review’s website reports.

Under the deal being considered by the pair, Foxtel would emerge with a 14.9 per cent stake in Ten.

“Sources close to Ten said management presentations were being scheduled over the next three weeks with an informal deadline of late November set for potential bidders,” the AFR said.

Spokesmen for Foxtel and Ten refused to comment on the speculation.

The report comes just days after billionaire Gina Rinehart quit Ten’s board after failing to attend any meetings last financial year.

The struggling media company has recently been the subject of speculation about a merger with Fairfax Media, in which Mrs Rinehart holds a 15 per cent stake.

But analysts believe such a merger would have major hurdles to clear, including asset sales to meet media ownership laws.

Veteran media analyst and founder of Fusion Strategy Steve Allen downplayed the prospect of a joint Foxtel-Discovery bid for Ten.

“Foxtel just implemented a new strategy to lift subscriber numbers, so why would they bid for something that would compete against themselves?” he said.

He also questioned why Discovery would be interested in Ten, unless it wanted to take a gamble with a cheap takeover deal.

Ten made a net loss of $168.3 million for the 12 months to August 31, driven by weak ad sales and higher costs.

But the result was better than the previous year’s $285 million loss and came despite an improved ratings performance.

“The solution for Ten, and anyone who buys it, is programming, programming, programming,” Mr Allen said.

“It’s their only way out.”

Shares in Ten closed flat at 21.5 cents.