Bruce Gordon's WIN corporation has acquired a 13% share of Nine Entertainment Co, after the billionaire media mogul purchased the stake from private equity firm, Apollo.
The deal, expected to be completed on November 9, means regional network WIN will become the largest shareholder in Nine, and will increase the network's holding in Nine to 14.95%.
The move comes as discussion about cross-media ownership laws come back on the political agenda, changes that could cause of a potential raft of takeovers and mergers.
Regional networks Prime Media, Southern Cross and WIN have all increased lobbying efforts in recent months to support the scrapping of the ownership restrictions including the 'two out of three' and reach rule, which stops a broadcaster reaching more than 75% of the population.
“WIN has been a long time investor in Free to Air Television in Australia with investments in a number of Television broadcasters,” a statement from WIN said.
“WIN and the Gordon family have had a close association with Nine dating back to the early days of television in Australia when Bruce Gordon was a director on Sir Frank Packer's Channel Nine board. WIN has been an affiliate of Nine in Regional Australia for the last 26 years.”
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