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Nine shares jump after a $50 million raid on the TV network

Patrick Riviere/Getty Images

Shares in Nine Entertainment soared today after a mystery buyer grabbed a 3.4% stake for about $50 million.

A short time ago, the shares were up more than 5% to $1.58.

Nine Entertainment would be a target or a player in changes to media ownership laws announced by the federal government.

Communications minister Mitch Fifield has announced what he calls the most significant media reform in Australian media in a generation.

This involves getting rid of rules preventing mergers between regional television networks and metropolitan affiliates, and the two-out-of-three regulation stopping anyone from owning a newspaper, radio station and a television network in the same major market.

A wave of mergers and takeovers in the media is expected when new rules take effect.

Fairfax Media, which has a tie up with its $100 million Stan streaming media joint venture with Nine, has been reported to be a possible buyer.

However, “Fairfax Media is not interested in buying a stake of any size,” a spokesman says.

(Disclosure: Allure Media, the publisher of Business Insider, is 100% owned by Fairfax Media.)

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