James Packer and Lachlan Murdoch have both officially accepted the offer from Ten Network Holdings Limited to join its board in mid-December.
Ten Holdings has also confirmed that its executive chairman Nick Falloon will stand down from his role following its annual general meeting.
Packer said: "It is good to be back in the free-to-air television industry. I am confident in the future of free-to-air and of Network Ten."
Murdoch said: "I am pleased to be joining the Board of Ten Holdings. I look forward to working collaboratively with the company on its multi-channel strategies and working with the other directors to grow value for all of the company’s shareholders."
Over the past three weeks, Packer has bought 18% of Ten Holdings, while Murdoch has made moves to buy half of Packer's shares. Both have been offered one seat each, despite Packer's attempts at gaining a total of three seats on the board.
Meanwhile, media lawyer Paul Mallam has also been given a seat. The appointment was agreed upon by media mogul Bruce Gordon, who is the second largest shareholder with 13% of the company.
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