Nine Entertainment Co. today sold its entire 9.99% holding in Southern Cross Media at a profit of about $30 million.
The stake was acquired in March this year at $1.15 a share and sold at $1.54, bringing in a total of about $118 million.
Southern Cross shares closed at $1.685 yesterday.
In April, Nine inked a five-year regional television affiliate agreement with Southern Cross, dumping a long-running deal with Bruce Gordon’s WIN TV.
“Our relationship with Southern Cross has never been better,” says Nine CEO Hugh Marks.
“The early performance of our new affiliate agreement has surpassed our expectations, and we look forward to a long and prosperous relationship between our two companies.”
Bruce Gordon is Nine’s largest shareholder with close to a 15% stake. The 87-year-old billionaire is also the Ten Network’s biggest shareholder with nearly 15%.