Channel Nine CEO wrangles deal to save struggling network

THE head of the Channel Nine network said the company was "ready to rock and roll for next year" after being saved from administration on Wednesday.

Nine Entertainment chief executive David Gyngell was locked in negotiations with lenders over the network's $3.2 billion of debt for most of Wednesday.

It is understood the successful deal involved two United States hedge funds and investment bank Goldman Sachs taking over the company instead of demanding it be put into administration.

Mr Gyngell told reporters in Sydney the company was ready to rock and roll, with a "fully capitalised business".

"All those doomsayers out there are going to have to eat their words.

"We have never had a more powerful balance sheet," he said.