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.