WIN to purchase 13 per cent of Nine from Apollo

By Dan Barrett

WIN Corporation are wet to become one of the largest shareholders in Nine Entertainment Co, having purchased 13 per cent of the company from US hedge fund Apollo.

In an announcement filed with the ASX, NEC reported that Apollo had informed them of the sale 13 per cent of its shareholding in NEC to WIN, with the transaction expected to be completed on 9 November 2015.

Currently Apollo maintain a 22 per cent share in Nine, which will be reduced to 9 per cent following the sale.

SMH report that Apollo has not asked to step down from Nine's board, with current sitting member Kevin Crowe on NEC's board since February 2013.

The purchase of shares in the metropolitan broadcaster comes at a time of concern for regional broadcasters, with Prime, WIN, Southern Cross Austereo and Imparja issuing a joint statement lambasting Seven's plans to begin streaming metropolitan services into regional areas.

Bruce Gordon, the owner of WIN, is believed to have begun investing in NEC when he purchased under 5 per cent of the company in March. Gordon also owns 14.9 per cent of Network Ten Holdings.