Billionaire Bruce Gordon – owner of the WIN Corporation and Ten Network’s largest shareholder – has acquired a 13 per cent stake in Channel Nine.
The move comes after US hedge fund Apollo sold its share of Nine.
Gordon is prevented under current media regulations from taking more than a 15 per cent slice of a rival media company. However, it is believed that the Turnbull government is set to relax media ownership laws hence Gordon’s move.
His privately-owned WIN Corporation already receives programming by Nine from an existing deal.
There has been media reports that current Nine boss David Gyngell plans to step down from the job, as early as Christmas. This uncertainty led to Apollo pulling out and Gordon moving in.
It was the private money of Apollo and Oaktree Capital Management that saved Nine from insolvency in 2012. Apollo has now sold out altogether while Oaktree has also reduced its share in the business.