James to sell 9?

Worrying reports today that James Packer is set to sell off most his shares in PBL’s Nine Network.

Only weeks ago the company divided into separate divisions, one for casinos and the other for media.

The SMH reports Packer is to reduce his shares to 25% of the company in a bid to concentrate on Pay TV and online media.

I hope it isn’t true. If Nine is sold to the CVC Capital Partners group we could wind up with accountants running television. The Packers have a long history of media ownership. Sir Frank Packer was a newspaper man, Kerry was a TV man, but James is seen as an online media guy (despite the failings of One.Tel). Or worse, he’s seen as a casino mogul. But at least there is some connection to the product rather than just looking at the bottom line.

Seven also recently sold off a huge chunk of its ownership, meanwhile TEN is trying to find a new owner.