Samuel Terry now the largest direct shareholder in ARN Media

Samuel Terry Asset Management is now the largest direct shareholder in ARN Media, following a series of transactions last Friday.

The Australian Financial Review reports the boutique investment management firm spent $15 million increasing its stake in the ASX-listed company from 7.4 per cent to some 16 per cent.

This takes Samuel Terry above ARN’s other major shareholders News Corp, Seven West Media, Grant Broadcasters and Spheria Asset Management.

The AFR’s Sam-Buckingham Jones reports “The shareholding adds a new, powerful voice at ARN as the company attempts to consolidate the Australian radio sector, which has plunged in value amid fierce competition from Google, Facebook and audio platforms like Spotify.”

Major investor Allan Gray sold its entire shareholdings last week, with its chief investment officer Simon Mawhinney yesterday telling The Australian that it was the right time for the firm to offload its entire stake.

In October, ARN, alongside Anchorage Capital Partners, launched a bid to acquire its main rival, SCA.

But in May, Anchorage pulled out, leaving ARN to find another partner. SCA then knocked back ARN Media’s revised takeover bid.