Aussie TV titan Reg Grundy, who recently cashed out of his eponymous company, has started spending the dough he got from his buyer, media conglom Pearson of the U.K.

Grundy is going after the Seven web affiliate Sunshine Broadcasting Network, through his company RG Capital. He already owns 16.1% of the seven-station mini-web and is seeking the remaining 84% with a $1.22 per share bid. This represents about 10% over the most recent price and about 10.8% of Sunshine’s estimated 1995-96 net earnings.

The initial response from Sunshine CEO Trevor Kennedy was that he considered the bid “a bit of a joke” and “totally inadequate,” pointing out that Grundy had paid $1.40 a share to acquire his existing holding. Kennedy said that the Sunshine board would meet this week to consider the offer, but that he doubted that it would be found acceptable.

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