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Reading: Billionaire Bruce Gordon Snares 13 Per Cent Of Channel Nine
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B&T > Media > Billionaire Bruce Gordon Snares 13 Per Cent Of Channel Nine
Media

Billionaire Bruce Gordon Snares 13 Per Cent Of Channel Nine

Staff Writers
Published on: 20th October 2015 at 1:17 PM
Staff Writers
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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.

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Staff Writers represent B&T's team of award-winning reporters. Here, you'll find articles crafted with industry experience spanning over 50 years. Our team of specialists brings together a wealth of knowledge and a commitment to delivering insightful, topical, and breaking news. With a deep understanding of advertising and media, our Staff Writers are dedicated to providing industry-leading analysis and reporting, both shaping the conversation and setting the benchmark for excellence.

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