In May 2019, Packer sold half of his stake in Crown Resorts to Lawrence Ho. On 21 March 2018, Packer resigned as executive chairman of Crown Resorts. In October 2017, Crown's market capitalization was over $8 billion. It has businesses and investments in the integrated resort and casino sectors in Australia and Macau, and wholly owns and operates a high-end casino in London, Crown Aspinall's. Crown is one of Australia's largest gambling and resort groups. Since his father's death, Packer has moved away from the family's traditional media businesses and focused on creating a worldwide gambling empire: Crown Resorts. : 222 By the end of 2012, debt from CVC's acquisition had overwhelmed Channel Nine and US hedge funds ousted CVC, taking complete ownership. In October 2008, Packer wrote down his final 25% stake in PBL Media to zero. In June 2007, Packer sold another 25% share of the joint-venture PBL Media to CVC for $515 million.
JAMES PACKER DIVORCE PLUS
: 140 : 150 On 17 October 2006, Packer's team finalised a deal to sell 50% of the media assets-which also included a 50% stake in web portal Ninemsn and a 51% stake in Carsales-to private equity group CVC Asia Pacific for A$4.5 billion, plus an additional A$1 billion in equity in the new company, which would be called PBL Media. Given changes in media due to the Internet and pay-TV, Packer was concerned about the future of free-to-air television. In March 2006, Packer began discussing whether to sell Channel Nine and the Australian Consolidated Press magazine group to help fund his move into the international gaming and tourism business. : 101 The deal, initially valued at A$100 million, was eventually worth A$462 million to Packer-controlled entities. : 53 : 242 At Packer's urging, the magazine group then controlled by his family, Australian Consolidated Press, acquired a 41% stake in online advertiser Carsales in October 2005. He sold most of his stake six years later for A$440 million. Packer purchased a 25% stake in SEEK for A$33 million in August 2003. Career Early internet investments įollowing the dotcom crash of 2000–2001, Packer acquired stakes in the online classified sites Seek and, believing that newspaper companies relying heavily on classified advertising were vulnerable to online companies in categories including employment and vehicle listings. His mentors, he has said, include his father and corporate executive Albert J. Packer has stated he did not attend university as he "didn't have the marks". After obtaining the Higher School Certificate (HSC) at Cranbrook, he began working at his father's extensive Newcastle Waters cattle station in the Barkly Tableland of the Northern Territory, where he was a jackeroo. Packer was educated at Cranbrook School in Bellevue Hill, Sydney. His grandfather was the media proprietor Sir Frank Packer. James Packer was born in Sydney, the son of philanthropist Roslyn (née Weedon) and media mogul Kerry Packer. In June 2022, the Federal Court approved Blackstone's takeover of Crown Casinos, delivering Packer A$3.36 billion in exchange for his 37 per cent stake in the company, which he has been involved with since 1999. Forbes Asia magazine assessed Packer's net worth at US$3.6 billion in January 2019, the ninth-richest Australian. He is the former executive chairman of Publishing and Broadcasting Limited (PBL) and Consolidated Media Holdings, which predominantly owned media interests across a range of platforms, and a former executive chairman of Crown Resorts.Īs of May 2021, Packer's net worth was assessed as A$5.72 billion by the Financial Review Rich List, ranking him as the fifteenth-wealthiest Australian he was the richest person in Australia in 20.
He inherited control of the family company, Consolidated Press Holdings Limited, as well as investments in Crown Resorts and other companies. Packer is the son of Kerry Packer AC, a media mogul, and his wife, Roslyn Packer AC.
James Douglas Packer (born 8 September 1967) is an Australian billionaire businessman and investor. Robert Clyde Packer (great grandfather).
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