As billionaire investor James Packer moved late on Wednesday to increase his stake on Ten Network Holdings Ltd (ASX: TEN) from an initial share raid haul of 15 percent to 17.88 percent, media reports whirled around stating that the veteran media player would initiate a major overhaul in running the television company.

Channel Ten informed the stock exchange that so far, Mr Packer has accumulated more than 160 million shares that were purchased at $150 per share for a total infusion of $245 million but analysts projected that the gambling mogul would aim to further his interest in the network to 19.9 percent and pave the way for a takeover proceeding.

Reports said that likely casualty of possible changes in Channel Ten is the dumping of ONE HD sports channel which according to Fairfax Media would be eclipsed by the broader beaming of Sky News and Foxtel sports channel, in which Mr Packer is a 25 percent owner along with Rupert Murdoch and Telstra.

The ultimate goal, according to a story published by The Australian, is to reinvent Channel Ten as a high-performing free-to-air television station that targets a specific audience, with Mr Packer envisioning of 100 percent pay outs as dividends by the time network has been recalibrated as a low-cost but high-yielding asset.

Also, a report by the Australian Financial Review had hinted that Mr Packer is set to wield his influence as a new majority shareholder in the company to pressure executive chairman Nick Falloon and television division head Grant Blackley to ditch long-planned news programmes and the digital sports channel.

The same report said that Mr Packer had already won the support of Perpetual Ltd, Channel Ten's largest institutional shareholder, and other key investors in the network to push forward his plans of reinvigorating the struggling company.

Accordingly, Perpetual Ltd equities head John Servior told The Australian that Channel Ten is still in search for the right formula to rake much needed profits and any suggestions that would bring in the money would be welcomed by the network's shareholders.

So far, the excitement of better prospect for Channel Ten appears to be holding as the market opening saw another rally for its shares, which moved up by 2.91 percent to begin trading at $1.59.