Billionaire Bruce Gordon has sold down his stake in regional TV broacaster Prime Media Group, reducing his voting power to 3.25% from almost 15%.
The media mogul sold 43 million of his shares through his private company Briketu, earning him around $8.9 million.
Gordon, who owns Win Corporation, a media group contgaining WIN Television network, Crawford Productions and local radio stations, is also a major shareholder in Nine with about 14%.
The transaction was made on 24 May, leaving Gordon with 11,906,553 shares, down from 54,906,553.
Gordon also completed a share swap with Deutche Bank, which increases his interest in Prime without giving him additional voting rights.
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