Kerry Stokes has tightened his grip on Southern Cross Media just months after initially relinquishing control of his beloved Seven West Media TV and newspaper business in a merger with the radio network.

The Stokes family, through its private investment arm Australian Capital Equity, on Monday purchased more than 14 million shares to lift its stake in Southern Cross by a maximum allowed 3 per cent to 23 per cent.

The move is a bold statement from the 85-year-old self-made billionaire, who stepped away from the Seven Network and The West Australian publishing operation when he resigned as chair of the combined business shortly after the merger earlier this year.

After the merger, the Stokes family investment, through the Ryan Stokes-run SGH, was halved from the 40 per cent it held in SWM to 20 per cent of the new parent company.

But after a short reign, Southern Cross Media executive chairman Heith Mackay-Cruise was replaced as chair by long-time SWM director Teresa Dyson, and former Seven executive Rohan Lund was appointed CEO and MD.

Southern Cross Media owns Seven, the nation’s no.1 TV station, the influential The West Australian newspaper group, leading digital assets The Nightly, The Game and PerthNow as well as audio streamer Listnr and the Triple M and Hit radio network.

Under ASX provisions, shareholders with more than 19 per cent are only allowed to lift their stake by 3 per cent every six months without launching a full takeover bid.

The move comes after former long-time Stokes lieutenant Bruce McWilliam earlier this year became the second biggest shareholder with almost 10 per cent.

It later emerged that Mr McWilliam had financed his purchase of stock with the help of mining magnate Gina Rinehart.