Up and down few days ... David Gyngell.

Up and down few days ... David Gyngell. Photo: Dallas Kilponen

Following hours of frantic negotiations to save his beloved Channel Nine, David Gyngell rushed to hospital when his wife, Weekend Today co-host Leila McKinnon, went into labour a week early.

McKinnon went into labour late yesterday afternoon, prompting Gyngell to leave the intense negotiations with financiers to be by his wife's side, telling Channel Nine news that while he was doing his best to "save this great company" he also had "more important things to attend to; my wife is having a baby".

The pair have welcomed their first child, a son named Edmund 'Ted' McKinnon Gyngell. A Nine Network spokesman reported that both mother and child were "doing well".

First child ... Leila McKinnon.

First child ... Leila McKinnon. Photo: James Brickwood

After staying with his wife and new son throughout the early hours of this morning, Gyngell is due back at the negotiation table during the course of the day, no doubt a little more bleary eyed than when he left it.

Gyngell, 46, is the son of Australian television pioneer Bruce Gyngell, and was the best man and former flatmate of James Packer whom he first met at exclusive Sydney school Cranbrook. Gyngell was also very close to the late Kerry Packer.

In 2004 he married McKinnon, who turned 40 in September, in Byron Bay, where the couple have recently completed construction of a $10million home not far from their good friends Delvene Delaney and John Cornell, which they visit regularly

The couple, who had been trying to conceive for many years, also have a large home in Sydney's Dover Heights.

Friends this morning were predicting what the little boy will be named, with some joking it would be either "Kerry" or "Bruce".

For more celeb parenting news, check out our gallery of the stars and their kids.