The future of Australia's channel 10 television network is up in the air, after it was placed in voluntary administration.

That's after billionaire backers walked away, and it comes almost four years to the day since TV3's owner MediaWorks went into receivership.

ABC's Michael Rowland told Mike Hosking it reflects what is a sharply changing media landscape - not just in Australia and New Zealand but around the world.

"Viewers get their entertainment elsewhere, they don't rely on free to air TV. They go to streaming services like Netflix and that has been reflected in the decision by channel 10's very wealthy backers, not to guarantee a further $200 million plus in loans."

LISTEN ABOVE AS MICHAEL ROWLAND SPEAKS WITH MIKE HOSKING