The stalking of Ten Network continues as WIN TV, controlled by Bruce Gordon and his family, upped its shareholding to 7.59% with shares purchased from one of the country’s smarter investors, 452 Capital and its co-founder, Peter Morgan, who has always prided himself on being a value investor.

Morgan and 452 had built up a stake in Ten over the past year to more than 12.6%, but yesterday WIN and its associate Birketu Pty Ltd snapped up another 10 million or so shares to take their stake to 30.26 million shares. Today 452 revealed it had lightened its load from 50.537 million shares to 140.477 million.

The Commonwealth Bank’s Colonial group raised its stake in Ten to 13.5% in late May. An intriguing difference of view between near associates, as the Commonwealth Bank is a minority investor in 452 Capital. Ten shares were up 7c just before midday to $4.06.