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Granada ups Seven stake in Oz

Brit co. spends $14 mil for 1.3% stake in Stokes' net

SYDNEY — Britain’s Granada has spent A$23 million ($14 million) to acquire a 1.3% stake in Kerry Stokes’ Seven Network, lifting its shareholding in Australia’s second-ranked web to almost 10.5%.

The purchase of the additional stake brings Granada’s Seven investment to around $100 million and makes the British conglom a key player should Seven become the target of a takeover. (Stokes controls just over 34% of the web.)

Acquisition is the latest in Granada’s aggressive strategy Down Under, which is part of an international expansion plan that includes programming forays in Germany and the United States.

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