Nine Entertainment Co owners CVC Pacific and Goldman Sachs lost big in yesterday's deal to prevent Channel Nine going under. After two days at the negotiating table, the iconic broadcaster and media conglomerate has staved off filing for bankruptcy to put itself in a better position than it has been in years and in a much better position than its competitors, media analysts have said.

In an incredible deal brokered between station boss David Gyngell and the cabal of investment firms, Nine Entertainment was saved from proverbial oblivion. The debt obligations owed to foreign investment firms and hedge funds had Nine on the brink of bankruptcy. The hedge funds are the owners. But Nine is now debt free and full of life, a position that media analyst Peter Cox believes puts it in a much stronger position than any other network.

"The real winners are Nine management," Cox told Crikey. Not only has Nine held onto its big sporting contracts and stars, it's also won the main demographic of 18 to 49-year-olds for 2012 which will allow it to get a bigger share of next year's advertising dollars. "A revitalised Nine puts a lot of pressure on Ten and especially Seven," Cox said.