Bruce Gordon takes $6.9m loss in Prime selldown
WIN owner Bruce Gordon has sold down his stake in regional network Prime Media Group.
The $8.9m sale of 43m shares sees Bermuda-based Gordon’s private company, Birketu, incur a $6.9m loss on the stake taken out in September 2017.
Birketu’s sale also sees Gordon’s direct holdings in Prime fall from 14.99% to 3.25%, however the Australian Financial Review reports his interests in Prime have increased to at least 17.8% following a series of swap transactions.
The reclusive media owner, who spends most of his time overseas, is also the largest individual shareholder in Nine.
Gordon increased his shares in Prime, which carries the Seven Network’s stations across regional Australia, in 2017 as the federal government media ownership restrictions increased.
Last financial year, Prime wrote down its broadcast licences by $51.7m and in its half yearly report to the end of 2018 reported a further 5.9% slump in advertising revenue and nearly 10% fall in profits.
Despite the losses, Prime’s shares are trading at a price to earnings ratio of 14 having closed steady at 24c, down from the 40c paid by Gordon in 2017.
‘Bermuda based’
Just pay some tax!!!
A convenient $6.9m loss to offset other profits I suspect. Or maybe an ATO refund cheque will be on the way.