Win Man Hangs Ten On The Great Media-go-round
The Age
Friday May 20, 2005
BRUCE Gordon, the billionaire regional TV king resident in Bermuda, has emerged with a substantial shareholding in Ten Network Holdings and could play a crucial role in any media ownership changes in Australia.
The 76-year-old owner of WIN Corporation revealed yesterday that his private investment company, Birketu Pty Ltd, had bought 2 million Ten shares this month, taking his combined holding to 5.02 per cent. Mr Gordon has raised his Ten stake at a time Communications Minister Helen Coonan has stated she is keen to free the media industry from its ownership restrictions as early as the end of this year. Mr Gordon, who owns WIN with son Andrew, is one of several influential media owners such as Kerry Stokes (who owns 43 per cent of Seven), John B. Fairfax (54 per cent of Rural Press), Paul Ramsay (39 per cent of Prime Television) and Kerry Packer (38 per cent of Nine Network parent Publishing and Broadcasting Ltd). These owners are likely to play an important role in any media consolidation if changes to cross-media ownership make it through the Senate. Prime Minister John Howard said earlier this year he would not dissipate political capital on the issue of media reform. But Senator Coonan has said in recent weeks she is pushing on with changes to allow mergers between TV, radio and newspaper publishing companies. WIN is affiliated with Nine in regional Australia. It also has interests in a TV production company, Perth TV station STW 9, and two regional radio stations. Last year Birketu bobbed up as a substantial shareholder of rural communications infrastructure group Broadcast Services Australia. Mr Gordon's stake in Ten is made up of 14 million shares held by Birketu and 6 million shares held by WIN. It is believed WIN has been a Ten shareholder since the network relisted in 1997, and also holds a large chunk of PBL shares. WIN is regularly mentioned in the endless combinations of media companies described by PBL director Chris Anderson at an ABN Amro media conference yesterday as "a list of familiar couplings and uncouplings that would make a Tasmanian proud". Mr Gordon told BRW magazine this week he had held talks with the managing director of West Australian Newspapers, Ian Law, about seven months ago. Andrew Gordon confessed to an interest in regional pay TV broadcaster Austar but "not at its current valuation". WIN has also knocked back an offer from Macquarie Bank's regional media fund.
© 2005 The Age