Australian television network Channel Seven has extended its share in rival media group Consolidated Media Holdings, to 19.91 percent, news.com.au reported Thursday. The stake is the largest possible before a takeover bid must start.

Chairman Kerry Stokes said the company spent $29.48 million purchasing a further 11 million shares, growing its share in the company from just 5 percent.

Stokes is yet to reveal any takeover intentions or whether he will utilise a provision to increase Seven's share in the company gradually every six months.

Consolidated Media majority owner James Packer responded to the Channel Seven purchase adding a further 1.04 percent to the 40.77 percent share. Stokes is rumoured to be pursuing a board position at Consolidated Media, according to news.com.au.