Perpetual has increased its stake in newly listed media company Nine Entertainment, emerging with a 8.05 per cent shareholding

Perpetual has increased its stake in newly listed media company Nine Entertainment, emerging with a 8.05 per cent shareholding. Perpetual is the third-largest shareholder on Nine's share register after US hedge funds Apollo and Oaktree, who together own 64 per cent and could exit their positions at the full-year result in August. The funds manager has been gradually building its stake in Nine, since the company floated on the ASX in December. Nine last month delivered a strong inaugural first-half result, swinging to a net profit after tax of $31.7 million for the six months to December 31, compared with a loss of $93.8m in the prior corresponding period. It's early days for a listed media company but this is a solid first half-year result, Perpetual head of equities Matt Williams said. Williams was encouraged by positive outlook commentary. (VIEW LINK)