The Foreign Investment Review Board has confirmed it will not oppose Foxtel's purchase of a 15 per cent stake in the Ten Network.
The deal will involve a capital raising from the Ten Network of up to $154 million.
Foxtel will take up to $77 million worth of shares at 15 cents, giving them about 15 per cent of the company.
The deal will also see Ten become a 24.99 per cent shareholder in Multi Channel Network, Foxtel's $500 million advertising business.
It will also give Ten the option of becoming a 10 per cent shareholder in Foxtel's subscription streaming service, Presto.
According to a Ten Network statement, the free-to-air network has been notified that the Foreign Investment Review Board will not oppose the proposed transaction between Ten and Foxtel Management Pty Limited, as agent for the Foxtel Partnership, to acquire up to a 15 per cent interest in TEN.
"The proposed transaction still remains subject to satisfaction of certain standard conditions precedent," according to the statement.