SYDNEY, Oct 20 (Reuters) - Australian free-to-air television network Nine Entertainment Co Holdings Ltd NEC.AX said its biggest shareholder, U.S. private equity firm Apollo Global Management LLC APO.N , plans to sell most of its stake to regional broadcaster WIN Corp.
In a short statement on Tuesday, Nine said the New York-based distressed buyout specialist would sell a 13 percent stake to WIN at an undisclosed price.
Nine's latest annual report said Apollo had a 22 percent stake, which means the sale will cut its holding to 9 percent.
Apollo and another U.S. private equity firm, Oaktree Capital Group LLC OAK.N , bought Nine in two deals in 2006 and 2008, before downsizing their exposure in a 2013 listing.
Nine shares have traded below their A$2.05 issue price since June this year, and were down 0.3 percent at A$1.61 in morning trading, in line with the broader market.
WIN Corp also has a 14.9 percent stake in Nine free-to-air rival Ten Network Holdings Ltd TEN.AX , according to Australian media.