Australian regional TV owner Bruce Gordon has fired a hefty shot across the bows of the nation's much-anticipated media reforms.

The veteran billionaire Bermuda resident has acquired a significant 5.02% stake in television company, Ten Network Holdings, controlled by Canada's CanWest Holdings.

Gordon (76) is already the 100% owner of regional TV company, WIN Corporation which is affiliated to Channel Nine. He also holds shares in Kerry Packer's PBL, Nine's owner, and in Sunraysia TV. His stake in Ten is estimated to be worth around A$74 million ($56.12m; €44.44m, £30.55m).

Legislation to loosen media ownership regulations could be in place before the end of the year [WAMN: 05-May-05]. Communications Minister Helen Coonan is keen to push ahead with changes that would allow mergers between television, radio and newspaper publishing companies.

Data sourced from Sydney Morning Herald; additional content by WARC staff