MEDIA mogul Kerry Stokes' purchase of Ten Network Holdings shares is more likely a shrewd investment than the first step in anything more elaborate, an analyst says.
Mr Stokes was believed to have bought about $40 million worth of Ten stock in late 2012 to capture a little under five per cent of the struggling broadcaster, The Australian Financial Review said on Friday.
Morningstar analyst Tim Montague-Jones said he believed Mr Stokes saw an opportunity to cash in on Ten's languishing share price and pounced.
"He has had a lot of experience in media. He knows the people inside and he knows what drives media expenditure and he probably looked at Channel 10 as a potential opportunity to make some money," Mr Montague-Jones said on Friday.
"I think he is in there purely as an investment, buying Ten when it is cheap and selling when the share price goes up.
"I don't believe there is any sinister takeover opportunity there. I don't believe he would be allowed to take it over."
Ten shares were up on the news, rising 2.75 cents, or 8.33 per cent, to 35.75 cents by 1505 AEDT.
Seven spokesman Simon Francis said it was company policy not to comment on securities that may or may not be in Seven's listed portfolios.
Mr Stokes is chairman of Seven Group Holdings and Seven West Media, which owns the Seven TV network.
He was reported to have made his purchase prior to Ten's annual general meeting on December 6, and maintained his stake by participating in the $230 million capital raising.
The purchase adds yet another high-profile member to Ten's share register, with Mr Stokes joining miner Gina Rinehart, gambling tycoon James Packer, Ten chairman Lachlan Murdoch and WIN Television owner Bruce Gordon.
Ten had a horror 2012 as series of new shows failed to rate. It trailed well behind rivals Seven and Nine, and its own previous year's performance, for its proportion of capital city advertising revenue.
Ten managed to capture a 21.57 per cent share of advertising revenue in the six months to December 31, down from 27.03 per cent share in the prior corresponding period.
This compared with Seven's 40.29 per cent and Nine 38.14 per cent for the latest period.
That disappointing performance led to the dismissal of James Warburton as chief executive in February and the appointment of senior News Corporation executive, Hamish McLennan, to the top job.
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