Regional television network WIN will become a major shareholder in Nine Entertainment, taking up around 13 per cent of the bigger television network's shares.
Nine on Tuesday announced that one of its shareholders, investment fund operator Apollo, was selling part of its holding in Nine to interests associated with WIN.
WIN is owned by Bruce Gordon, who is also a major shareholder in the Ten Network.
The transaction is expected to be completed on November 9.
Nine's shares were down two cents, or 1.2 per cent, at $1.595 at 1310 AEDT.
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