Perpetual has reduced its investment in Consolidated Media Holdings, according to a notice filed with the stock exchange.
Perpetual said this afternoon it had lowered its shareholding to 36.43 million shares representing 5.28 per cent of the media group, from 72.51 million shares or 10.64 per cent.
The change was made yesterday, when a special cross trade involving 60 million Consolidated Media shares worth $150 million or 2.50 a share went through the market.
Consolidated Media shares extended their gains today, rising 8 cents, or 3.2 per cent, to $2.61.
The special trade drove speculation that Seven Network owner Kerry Stokes might be trying to build a stake in the company, part-owned by James Packer.
Meanwhile, two large special trades totalling 14 million shares when through the market on Thursday.
The first was for 10.75 million shares worth $279.52 million at $2.60 each while the second was for four million shares worth $104 million also at $2.60 a share.
AAP
