Apollo sells last Nine shares

Private equity group Apollo Global Management has sold its 9.82% shareholding in Australia’s Nine Entertainment Co.

Apollo had already shopped a 13% stake to affiliates of Bruce Gordon, the owner of regional broadcaster WIN, this year.

The firm has shed its last stake holding through a fully underwritten block trade, which was distributed to a group of domestic and international institutional investors.

Apollo, which jointly owns mega-indie Endemol Shine Group, was a key player in the 2012 debt-for-equity swap that saved the broadcaster from collapse.

The news comes soon after the publicly-listed Nine, which owns the Nine Network, appointed Hugh Marks as successor to current CEO David Gyngell.

Underbelly broadcaster Nine’s remaining shareholders include Perpetual, Oaktree Netherland Entertainment Holdings and Westpac.