0/5

Bruce Gordon lifts stake in TEN

Bruce Gordon has increased TEN stake by another 2%, just ahead of new affiliate arrangements.

ten

WIN TV mogul Bruce Gordon has increased his stake in Network TEN by another 2% under a complex equity derivative contract.

Under the arrangement facilitated by Deutsche Bank, where the bank holds shares on his behalf, he has increased his stake to 14.56%.

He cannot own more than 15 per cent under the current Reach rule, but he can build an economic interest in the companies beyond that mark with another party holding the shares.

In March Gordon was revealed to be the mystery party behind a purchase of a 3.4% stake in Nine, with the parcel of shares worth around $50m bought by Deutsche Bank.

Media watchdog the Australian Communications and Media Authority has indicated it is “actively monitoring the situation” given Gordon already has 14.99% of Nine.

Next week long-standing affiliate arrangements involving Nine, WIN, TEN and Southern Cross will all change hands, while media reforms, including the Reach Rule have been delayed due to the federal election.

Source: The Australian, Mumbrella

Leave a Reply