Bermuda-based billionaire and WIN TV boss Bruce Gordon has invested in the Nine Network, according to a media report.
The Australian reports Gordon, who is also TEN’s largest shareholder, began building a shareholding in Nine last month under the 5 per cent threshold at which he would be required to declare his interest.
He reportedly scooped up about 20 million shares in Nine in a deal worth about $40 million.
The strategic move comes ahead of possible media reform and potential mergers between media groups. Nine is tipped for a merger with Fairfax.
More recently Gordon tabled his own proposal to TEN’s board, offering to inject funds as part of a debt restructure alternative to the joint Foxtel / Discovery bid.
He previously sold Nine’s Adelaide and Perth stations to Nine in 2013.