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Bruce Gordon secures TV deal in crucial step toward Nine control

A TV licence sale agreed between Gordon's WIN Corp and Paramount's Network 10 could have significant implications for Nine Entertainment and the broader media industry.

John Buckley
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The sale of the licence, once finalised, paves 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. Silvia Liber/Supplied.

Media billionaire Bruce Gordon is positioned to tighten his grip over Nine Entertainment in a matter of months after securing an agreement that will allow him to surrender a key regional TV licence to satisfy media ownership laws.

On Thursday, Gordon’s WIN Corp announced an agreement with Paramount-owned Network 10 to sell its northern NSW signal in a move that would free up Gordon to convert equity swaps held in Nine into ordinary shares with full voting rights.

The relatively obscure regional media transaction, flagged by Capital Brief earlier this week, could have far-reaching implications for the Australian media business, and would recast the power dynamics at the top of the nation’s largest domestic media company: Nine Entertainment.

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