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‘Truce’ as Packer invites Stokes
Consolidated Media's James Packer offers Kerry Stokes 2 seats on the board for agreeing not to pursue assets for 12 months.
- Published by David Knox
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- Filed under News
A temporary truce is reached between James Packer and Kerry Stokes in the battle for Consolidated Media’s assets: a 25 per cent share of Foxtel and 50 per cent of Premier Media, the old FOX Sports.
James Packer offered Stokes two seats on the board in return for a 12-month standstill. They will go to Stokes’ son Ryan and Peter Gammell.
”We are pleased that Ryan and Peter have joined the CMH board and look forward to them being able to contribute to the ongoing success of CMH,” Mr Stokes said.
Stokes has long sought control of Foxtel, which he sees as a key platform.
In return for the board seats, he has agreed not to buy any more shares without Packer’s agreement for 12 months.
Source: The Australian, The Age
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4 Responses
Wow, interesting times!
Is it even legal for agreements such as this to be made though? Surely there’s some sort of conflict of interest/inside info boundaries being crossed with Stokes Jr on CMH’s board…
Stokes is where Packer wants him to be, but it’ll cost Stokes dearly to buy Consolidated Media and have full ownership. It’ll be higher than 2 billion.
I wonder if this gives some credence to the story that 7 and 9 will make a joint bid for the AFL rights?
Then again there have been other articles saying 7 and 10 must bid together. I have no idea why that would be.
Theres got to be more to the story than this. What is the advantage for Stokes of having two seats on the board, and what advantage does Packer have without any raids on the company for 12 months?
Anyone in the know want to weigh in?