As media companies and investors posture for an expected round of industry consolidation, Bruce Gordon is believed to have been buying Prime Media Group shares.
Gordon is understood to have picked up a 4.9 per cent stake in Prime Media Group earlier this week, taking the shares off fund manager Perpetual.
Gordon has previously increased his stakes in listed companies via cash settled equity swaps arranged by Deutsche Bank, helping him bypass media ownership restrictions, and it seems likely to be the situation again.
Deutsche Bank did the trade of 18 million shares at 33.25¢ a share on Tuesday.
Gordon was already Prime Media Group's largest shareholder with a 14.99 per cent stake, after some feverish buying last August and September.
Given the parties involved, it remains to be seen whether Gordon will retain the Prime Media Group shares or just an economic interest in them.
PRT Price at posting:
31.5¢ Sentiment: None Disclosure: Held
