Credit Suisse's equities desk handled a 7 per cent stake in Nine Entertainment Co on Friday morning, worth $84.3 million.
Sources were pointing to hedge fund Oaktree Capital Management as the seller.
The 61.2 million shares crossed at $1.38 each before the market opened. Nine stock last closed at $1.375.
It's expected to signal the end of an era for Nine.
Oaktree was one of two distressed debt investors that took control of Nine in 2012 via debt-for-equity swap.
The owners then took Nine to the ASX-boards, re-listing the business in December 2013. Oaktree retained a 14.2 per cent stake at the initial public offering, before reducing its holding to 7 per cent in 2015.
It comes as Oaktree's dealmakers turn their attention to rival free-to-air television company Ten Network Holdings.
The firm is one party keeping an eye on Ten's sale process, which is being handled by Moelis & Co and Ten receiver PPB Advisory.
Interestingly, Moelis advised Oaktree through the Nine deal back in 2012.
It's understood Oaktree was one of a handful of distressed debt and turnaround investors which expressed an interest to Ten prior to the company going into administration in June. Since then, Ten's lender Commonwealth Bank of Australia has receiver PPB Advisory in control of the company, and back talking to potential white knight investors.
Oaktree has $US101 billion ($130 billion) of assets under management and is best known for its founder, Howard Marks – one of the world's most celebrated value investors.
Locally, it snapped up millions of dollars of Nine debt after the financial crisis, ultimately accumulating a large ownership stake in a debt-for-equity swap. Oaktree has also provided capital to troubled surfwear firm Billabong.
The Nine trade also comes as equities desks focus on block trades, and comes only hours after rival UBS handled Genting's stake in The Star Entertainment Group, as revealed by Street Talk.
