The battle of the media barons has taken another dramatic twist.
Kerry Stokes, chairman of Seven Group
(ASX:SVW) has reportedly bought up a near five per cent stake in rival broadcaster Network Ten
(ASX:TEN) for around $40 million.
It's believed the Perth billionaire bought into Network Ten’s second capital raising of 2012.
The revelation comes amid fierce debate in Canberra over cross media ownership laws.
Last week, the Network Ten’s board, headed up by Lachlan Murdoch, dismissed CEO James Warburton, a former Seven Group star, in favour of News Corp executive Hamish McLennan.
Seven Group last reported a $258 million net profit.
