Bruce Gordon’s WIN records $8.6m loss
WIN's profits have turned quickly into a loss
Regional TV network WIN Corporation, owned by Nine’s biggest shareholder Bruce Gordon, has delivered an $8.6 million loss for FY25. The loss was primarily caused by costs associated with the decommissioning of its transmitter network.
According to ASIC filings last week, first reported by Capital Brief, WIN cleared $187.2 million in revenue for the 2025 financial year, a modest $4.6m drop from the prior year. Of this revenue, $177.1 million comes from advertising, which fell by $3.7m.
WIN reported a “net consolidated profit” of $4.5 million, which was wiped out by a $13.1m charge for decommissioning transmission sites operated by Digital Distributions Australia.
“Management committed to a plan to close this business in end-2026, following a strategic decision to place greater focus on the group’s key competencies,” the report notes.
These results mark a change in fortunes since WIN posted an $8.3 million profit in the 12 months to June 30, 2023.
Last financial year, the regional operator posted a $4.7 million profit, which represented a 43.4% fall. This was credited to higher operating costs across the TV network, which ballooned from $136.9 million to $144.8 million.
In February, WIN sold its northern NSW television license to Paramount, parent company of Network Ten, covering stations that broadcast to Newcastle, Taree, Tamworth, Port Macquarie, Lismore, Coffs Harbour, and the Gold Coast (the latter not technically part of NSW, but still receiving transmissions from the region).
WIN bought the northern NSW licence for $55 million in 2017 from Southern Cross Austereo.
A media release issued at the time of the sale to Ten said the transaction includes “equipment and associated contracts”, with reports suggesting Ten paid around $7 million for the license.
WIN chief operating office Andrew Lancaster said in February the company’s “strategic focus is on Nine, and it no longer makes sense for us to own the 10 Northern NSW business.”
Lancaster is a non-executive director on the Nine board, and acts as a proxy for Gordon – who is currently the largest shareholder at Nine.
A file photo of Bruce Gordon
The 96-year-old billionaire holds a 19.98% stake in Nine through his investment vehicle Birketu. He also indirectly owns an additional 5.24% through equity swaps held with Macquarie Group, which he can slowly convert into shares with full voting rights.
Under the Corporations Act, Gordon can only rise to 19.9% of voting shares before either launching a takeover of Nine, or pausing for six months – after which he can creep up by a maximum of 3% in each subsequent six months.
In May, after the sale of the WIN licenses was finalised, Gordon converted 5.3% of these Macquarie Group equity swaps to voting shares, now sitting a hair underneath the 19.9% takeover threshold.
Under Australian media law, owning more than one commercial TV license in the same market is prohibited. Gordon’s quick conversion of these equity swaps after selling off the northern NSW license suggests a future takeover is in the cards.
In August 2024, Gordon retired from the boards of both WIN and Birketu — plus over three dozen other boards he held a financial interest in — which further suggests that Nine will certainly become Gordon’s “strategic focus” over the coming years.
Whether his interest in Nine will creep up slowly, or come in the form of a dramatic takeover bid remains to be seen.
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