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Bruce Gordon eyes Nine control as TV licence talks advance

The sale of an obscure regional TV licence could have significant implications for Australia's largest local media company - and the entire industry.

John Buckley and Jack Derwin
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Under media ownership laws, Gordon must first offload one of his regional TV licences before he can convert his swaps to shares and exercise his full voting rights. AAP/Bianca de Marchi.

Media billionaire Bruce Gordon is closing in on a deal that would allow him to strengthen his grip over Nine Entertainment as investors and executives jockey to influence the company's future.

Gordon's regional TV company WIN has progressed talks over the sale of its northern NSW TV licence to Network 10, according to people familiar with the situation speaking on the condition of anonymity to discuss a confidential matter.

The parties are still working through details of an agreement, one of the sources said, and a timeline remains unclear, but there is growing confidence a deal will be done.

The sale of the licence, if finalised, would pave the way for Gordon to convert equity swaps in Nine held with Macquarie Group into shares, which in turn would significantly increase his voting power in the company and potentially strengthen his case for an additional board seat.