Report: Share raid on Nine

The Australian reports a share raid on Nine has fuelled speculation of a takeover bid.

3.4 per cent of shares, valued at $50 million, change hands last night.

Fairfax Media, which is a joint partner in Stan, has denied it is involved.

“Fairfax is not considering buying a stake — of any size — in Nine,” a spokeswoman said.

Meanwhile Bruce Gordon, who owns a 15 per cent stake is prevented from buying more shares until media reforms are passed through parliament.

Talk also continues about a potential merger between both Nine and Southern Cross Austereo as well as the regional broadcaster and TEN.