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.
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