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Bruce Gordon ready to lift Nine voting stake as CoStar closes in on Domain

The billionaire's vision for Nine is one of the biggest talking points in Australian media in recent years. Now, he's finally poised to cement his control.

John Buckley
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Media billionaire WIN Corp owner Bruce Gordon is aiming to convert his cash settled equity swaps in Nine Entertainment within the next week, a key step toward significantly recasting the power dynamics at the nation's largest domestic media company. Supplied.

Media billionaire Bruce Gordon is preparing to take another key step to cement his control over Nine Entertainment, just as the television and publishing company edges closer to a sale of its Domain business to US real estate platform CoStar.

Gordon is in the next week expected to convert a portion of the cash-settled equity swaps he holds in Nine via Macquarie Group into ordinary shares with full voting rights, according to people briefed on the matter.

The swaps have become expensive to hold and Gordon is eager to up his equity interest in the company, said one of the people, speaking on the condition of anonymity to discuss confidential information.

Gordon, who is currently represented on the Nine board by WIN CEO Andrew Lancaster, owns a direct stake of about 15% in the company and is its largest shareholder. He has a further 10% economic interest in the company via the swaps with Macquarie