Debt worth £12bn is threatening to bury the UK's biggest cable company, which is currently looking at how it can restructure in order to survive.
NTL Australia reaches about 98% of the country's viewers. The deal also includes a 51% stake in its telecommunications network along the east coast of Australia.
NTL, which is in danger of being delisted from the New York Stock Exchange, recently hired Credit Suisse First Boston to help restructure its debt and has already cut 10,000 jobs in the last year.
Shares in the company closed at 30 cents last night, down by 14.3%, or 5 cents, on the previous close. They have been trading at under $1 for almost two months.
Last week it was announced that the US giants AOL Time Warner and Liberty Media were set to fight it out for control of the beleaguered NTL.
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