Bruce Gordon unveiled as mystery buyer of Nine stake

Mystery buyer of Nine stake revealed to be WIN owner Bruce Gordon, raising questions about a breach of media laws.

WIN Corporation owner Bruce Gordon.

The identity of the mystery buyer behind a share raid on Nine Entertainment has been revealed as WIN Corp owner Bruce Gordon, raising questions about a breach of media laws.

A substantial holder notice to the stock market all but confirms that Mr Gordon is pursuing a merger with Nine if the federal government’s media reform package is approved by parliament.

A filing by corporate lawyers Atanaskovic Hartnell discloses that Mr Gordon’s private company Birketu swiped a 3.4 per cent stake worth about $50 million after the market closed on Thursday.

Industry sources were pointing the finger at WIN, which is Nine’s regional broadcasting partner, but until now the speculation has never been confirmed.

Mr Gordon is Nine’s main shareholder, with a 15 per cent stake, and any move by him to increase his stake above this threshold effectively violates current media ownership and concentration rules.

The notice said Birketu has taken a “derivative position in relation to the ordinary shares of Nine.”

This means the share raid has been executed in such a way that broker Deutsche Bank will hold the stock on behalf of Mr Gordon, who emerged on Nine’s share register in October.

However, the Australian Communications and Media Authority could investigate Mr Gordon’s change of interests now that the transaction has been filed to the stock market.

Mr Gordon, who splits his time between Wollongong and Ber­muda, has played a key role in Australian television since the late 1970s. He also owns a 15 per cent stake in Ten Network.
A spokeswoman for ACMA said the watchdog is keeping a close eye on the situation.

The ACMA is aware of the recent ASX announcement by Bruce Gordon, Birketu Pty Ltd and Win Corporation Pty Ltd,” she said.

“It is actively monitoring the situation and has no further comment to make at this stage.”