Jim Grenon's stake now sits 0.1 percent below the threshold that would trigger a compulsory takeover offer. Photo: Supplied/RNZ: Brad White

New Zealand-based Canadian billionaire Jim Grenon has increased his shareholding in listed media company NZME, owner of the New Zealand Herald and Newstalk ZB.

A notice to the NZX shows Grenon spending just under $2 million to acquire almost 1.8 percent of NZME, making him its largest shareholder.

His total stake now stands at 19.9 percent, just below the 20 percent threshold that would trigger a compulsory takeover offer under New Zealand law.

Separately, NZME director and former cabinet minister Steven Joyce has almost doubled his shareholding to just over 100,000 shares.