James Packer Buys $120 Million Stake In Paramount Global As He Continues Return To Media

James Packer Buys $120 Million Stake In Paramount Global As He Continues Return To Media

Australian billionaire James Packer has bought an $80 million (AU$120 million) stake in Network 10 owner, Paramount Global.

Packer returned to the media this year after an absence of several years. He was named in July as a key investor in multimillion-dollar investor in Alan Jones’ Australian Digital Holdings.

It is not the first time Packer has owned a stake in Network 10. In 2018 he bought an 18 per cent stake in the broadcaster for $244 million before selling half of it to Lachlan Murdoch.

Network 10 was then placed into administration in 2017, before being bought by US studio CBS which subsequently merged with Paramount.

The holdings were revealed in a filing to the US regulator from Packer’s company Consolidated Press International Holdings.

The filings showed Consolidated Press International Holdings has built up a portfolio worth $US363.7 million. It is predominantly focused on technology stocks.

It also showed that Packer had reduced his Netflix stake from $US23.2 million to $US19.9 million from August to November.

Packer’s second largest investment is a $US34.6 million stake in Blackstone, which owns Crown Casino.  He sold his shareholding in Crown Resorts last year for more than $3 billion.




Please login with linkedin to comment

James Packer Paramount

Latest News

SBS Audio Campaign Tells The Stories Of New Australians, With Multilingual Content Offerings To Assist Migrants
  • Advertising
  • Campaigns

SBS Audio Campaign Tells The Stories Of New Australians, With Multilingual Content Offerings To Assist Migrants

SBS Audio has launched a new marketing campaign for its ‘Australia Explained’ service which supports new migrants to successfully navigate life in Australia and achieve a greater sense of belonging and social cohesion. SBS’s flagship service for new migrants, Australia explained, has launched a multi-platform marketing campaign that reaches into the heart of the migrant […]

Tracker App Launches, Promising Consumers A Read On Brand’s & Products Sustainability Chops
  • Advertising

Tracker App Launches, Promising Consumers A Read On Brand’s & Products Sustainability Chops

Shoppers can now get access to sustainability information at their fingertips through Tracker, a first-of-its-kind mobile app. The Tracker app centralises sustainability data into a single, easy-to-understand format, helping shoppers make informed choices about the brands and products they support. Shoppers can simply scan the barcode of their favourite supermarket, chemist or department store item […]