Broker UBS has sold Nine Entertainment Co's 9.99 per cent stake in Southern Cross Media.
The trade was done at $1.54 a share on Friday morning, valuing the stake at about $120 million.
Southern Cross shares last traded at $1.68.
Nine confirmed it had sold the stake on Friday morning.
The television company bought the shares for $1.15 each in March, at a time when affiliate deals between metropolitan station owners like Nine and regional networks including Southern Cross were in play.
Nine and Southern Cross ended up signing a deal.
It's understood the shares were sold to institutional investors.
