Bermuda-based media mogul Bruce Gordon will push for a seat on the board of Nine Entertainment Co in a bid to strengthen his influence over the television, digital and publishing company.
Mr Gordon, the Bermuda based owner of regional TV network WIN Corp, is Nine’s biggest shareholder with a 14.94 per cent stake held through his investment vehicle Birketu. His desire for a Nine board seat is known to key figures at the media company, according to industry sources who spoke on the condition of anonymity because the matter is confidential.
WIN TV owner Bruce Gordon wants a seat on the board of Nine. He is the company’s biggest shareholder.Credit:Sylvia Liber
The push comes as Nine starts talks with Mr Gordon about a potential affiliate deal, a decision which could affect how programs such as Married at First Sight and The Block are broadcast in regional communities. Nine was in an exclusive negotiating period with current affiliate partner Southern Cross from early January until last week, but WIN and Nine were affiliate partners for decades.
Should WIN and Nine sign an agreement, Southern Cross is likely to strike a deal to broadcast Network Ten shows in major regional markets. Industry sources have previously said Mr Gordon wants to strike a deal with Nine because of his stake in the company and its strong television ratings performance.
The push by Mr Gordon for a seat on Nine’s board also comes as tensions simmer between directors with ties to historic publisher Fairfax Media and those from Nine’s legacy television business. Nine is the owner of The Sydney Morning Herald and The Age. It also owns the Nine broadcast TV network, streaming service Stan, radio stations such as 2GB and 3AW and a 60 per cent stake in real estate portal Domain.
The company, chaired by former federal treasurer Peter Costello, announced last Wednesday that Stan boss Mike Sneesby would become its next chief executive in April. He will succeed Hugh Marks, who resigned last year following revelations of a romantic relationship with former executive Alexi Baker.
Earlier last week, Nine director Patrick Allaway resigned and this masthead reported that deputy chairman Nick Falloon is being investigated over the alleged misuse of a corporate golf club membership. Both Mr Allaway and Mr Falloon were former directors of Fairfax, and joined the Nine board following the $4 billion merger between the two companies in 2018.
Mr Gordon was a strong supporter of the strategy implemented by Mr Marks and sources close to the executive said he was disappointed and frustrated that his relationship with Ms Baker led to a resignation. He is also a supporter of Mr Sneesby, who hails from the New South Wales south coast. The sources indicated that he wants to be represented on the board so he can have a view on major decisions made by the company. WIN Corp chief executive Andrew Lancaster is expected to become Mr Gordon’s representative on the Nine board, should he be successful in his push.
A Nine spokesperson said the process for a replacement director was already underway. ”With Patrick [Allaway]’s announcement of his resignation last week, the board changes will be considered and an announcement will be made when it is appropriate,” the spokesperson said. Mr Gordon was approached for comment.
