Bruce Gordon is becoming the biggest shareholder in Nine

The Block contestants Chris Susetio and Jenna Susetio lie on the bed in their bedroom. Scott Barbour/Getty Images

Billionaire television industry pioneer Bruce Gordon is about to become the biggest shareholder in the Nine network.

He is buying 13% from the US hedge fund Apollo, which will give Gordon’s WIN television about 14.9% of the free to air natonal network.

Gordon has had a close association with Nine dating back to the early days of television when he was a director on Sir Frank Packer’s Channel Nine board.

“WIN has been a long time investor in free to air television in Australia with investments in a number of television broadcasters,” the company said. WIN has been an affiliate of Nine in Regional Australia for 26 years.

Nine’s profits have been sliding in a weak advertising market. It posted a 2.9% drop in full year profit to $140.09 million.

Bruce Gordon also has almost 15% of the Ten network.

Nine shares are down 1.5% today to $1.59.

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