Bruce Gordon, the ageing Bermuda-based Australian media proprietor has revealed he has established a total stake in the Nine Network’s owner, Nine Entertainment, of just on 25%, putting him in prime position to snatch control of the company and Fairfax Media if the merger with the latter goes ahead

In a filing with the ASX on Friday, Gordon revealed that he had a 14.97% direct stake in Nine, the largest shareholding, and a further holding of 9.97% via what are called cash settled swaps -- a financial derivative that allows the holder to hold shares in a company and circumvent takeover rules and regulation.