Bruce Gordon slashes Prime Media Group stake

High-profile media owner Bruce Gordon has slashed his shareholding in regional broadcaster Prime.

Bruce Gordon has sold a large tranche of his shares in Prime Media Group..

Media mogul Bruce Gordon has slashed his stake in regional television broadcaster Prime Media to 3.25 per cent from 14.99 per cent.

Mr Gordon sold 43 million Prime shares via his private company Briketu on May 24, raising $8.9 million, according to a filing to the ASX.

The filing did not disclose who bought the stake.

Prior to the sale, Mr Gordon held 54.9 million Prime shares.

Prime Media’s outgoing chairman John Hartigan said he had “no insights” on Mr Gordon’s decision to sell down his stake.

Mr Gordon recently ranked at 129 on The Australian’s The List, which notes the 250 wealthiest people in the nation, with a fortune of $781 million.

Nine Entertainment Co, which merged Nine’s television assets with Fairfax Media in a $4 billion deal last year, is Mr Gordon’s biggest holding. He also owns the private regional broadcaster, WIN Corporation.

WIN chief executive Andrew Lancaster wasn’t immediately available to comment on Mr Gordon’s sell-down.

The surprise move comes three months after Prime reported a net profit of $10.2 million for the six months to December 31, after a net loss of $8.6m over the same period a year earlier due to a non-cash impairment of $31m relating to its TV broadcast licences and $9.3m due to a deferred tax liability.