Nine Entertainment Co. has acquired a 9.9% stake in Southern Cross Media ahead of expected media reforms to relax current ownership regulations.
The Australian reports Nine bought the shares from Macquarie Group at $1.15 a share after it sold down a 15.7 per cent stake to institutions on Thursday night.
The remainder of its 26.1 per cent holding went to Nine, which held $4 billion merger talks with Southern Cross in 2013 before the appointment of Nine chief executive Hugh Marks.
Southern Cross has a program supply deal with TEN, while Nine has a similar agreement with WIN Corp. Both contracts will expire in June.