Bruce Gordon increases stake in Ten ahead of WIN switchover

June 22, 2016 10:01

Bermuda-based billionaire Bruce Gordon has increased his stake in Network Ten just days ahead of the switchover of his WIN stations to Ten.

Gordon’s lawyers this morning advised the ASX that the media mogul had once again used a complex arrangement with the Deutsche Bank, where the bank holds shares on his behalf, in a cash-settled shares swap to increase his stake in the major metro TV network to 14.56%.

The move comes just weeks before the Federal election which has stalled proposed media reforms in which Gordon, through his stakes in Nine and Ten and ownership of regional TV network WIN, is likely to be a key player.

Documents filed with the ASX show that Gordon, through his investment vehicle Birketu, had lifted his stake to 14.02% – up from 13.16% last year – with the company then entering into the the shares swap with Deutsche Bank last week which gives him an additional 2.5%.

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Nic Christensen

Nic Christensen worked for Mumbrella from 2013 to 2016, in roles including deputy editor and media & technology editor. He is former media writer for The Australian and has also worked as a reporter for The Daily Telegraph and senior producer for Radio 2GB.

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