Mr Gordon sold down his shareholding by 11.73 per cent a month later,bringing him under the 15 per cent threshold that legally means a person has"control"of a media asset.
The Australian Communications and Media Authority (ACMA) has found that Mr Gordon breached the media control and diversity rules because of this shareholding. There is a"one-to-a-market"rule that means individuals or companies can only control one television licence per area at a time.
His stake in Prime also reduced media diversity in 40 licence areas. However,he did not try to use his stake to exert influence on the television networks,the regulator's investigation found.
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ACMA chair Nerida O'Loughlin said in a statement it was up to companies and individuals to stick to the rules,particularly when it involves complex shareholdings.
"Media control and diversity rules exist so that Australians have access to a diverse range of voices in the media landscape,"Ms O'Loughlin said.
Despite this,the regulator decided not to issue a penalty. Mr Gordon provided evidence that the breaches were a result of actions by a third party that he did not ask for and he could not have known he was in breach. When he was notified,he sold down quickly.