Bye, bye Jamie.

It’s a monumental day in Australian media as James Packer relinquishes control of PBL media and the Nine Network.

In reducing his shares to 25% Packer effectively closes a chapter of the legendary Australian family’s media ownership.

His grandfather was a newspaper magnate, his dad a TV boss and now the heir apparent will focus on his gambling empire.

In just two weeks we have seen the CEO exit, the Nine logo ‘balls’ return and now the owner pass on his control.

I can’t help but feel that accountants will now be running our oldest television network, who won’t have any history or emotional attachment, other than to see the company in the black.

All of the above is a continued fallout from the death of Kerry in December 2005, together with changes in media ownership under Helen Coonan.

Watch now for on-air changes for the next 12 months.

One Response

  1. A Packer not being in charge is only temporary. CVC will cuts costs, sell everything not nailed down (goodbye richmond and willoughby studios) boost ratings and therefore revenue then re-float the company on the stock exchange in 2-3 years time once Nine is back on track. Jamie will again be the majority shareholder and gets the family media company back in tip top shape without having to do all the hard work. The reality is that the little big fella hasn’t been able to turn tv around or exploit synergies with other PBL media properties by himself in the last 18 months so this way it puts the pressure on the private equity boys to do it for him. Around the world in whatever industry it seems like these sorts of transactions actually make the company better. So lets hope for our telly viewing this is the case here with Nine.

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