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The Ten Network (ASX:TEN) has released a statement saying that Nick Falloon has agreed to step down from his position as executive chairman of the company after a push for his removal by James Packer and Lachlan Murdoch.

Mr Falloon will quit Ten's board immediately after the company's annual general meeting in December.

Discussions are also continuing over board seats at Ten between the company, Mr Packer and Mr Murdoch.

Ten's statement to the ASX comes as Fairfax media reports Mr Falloon had been working on a management buyout of the network, with US private equity advisers Hellman & Friedman engaged to advise on a deal to take Ten private.

The discovery of that deal was said to be the motivation behind Mr Packer's recent share raid on the company.

The Ten Network reported a $150 million net profit after tax for the year to the 31 August 2010.