Billionaire media mogul and WIN Corporation owner Bruce Gordon has shifted his attention from the Ten-CBS deal to the regional affiliate partner of the Seven Network, purchasing 39 million shares in Prime Media.
The shares were purchased via Gordon’s private investment company, Birketu, on Thursday at 40 cents from Seven Group Holdings, according to Fairfax, which grows the media mogul’s stake in Prime to just under 15 per cent.
However, Gordon is unable to take over Prime due to a rule that stops a company from operating more than one commercial TV licence in the same area – a rule that is not included in the federal government’s media reform package.
The move comes as Gordon and fellow media mogul Lachlan Murdoch wait for Ten’s administrator to issue an independent expert report before deciding whether or not they will try one last time to block the sale of Ten to CBS.
It also follows speculation that Seven West Media is set to acquire Prime, which the Kerry Stokes-owned media company addressed last week.