Packer seriously raiding TEN
Australian television may be about to see another Packer on its board, just not at the network the family has been aligned with.
- Published by David Knox
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- Filed under News
The name Packer could again be aligned with Australian Television after James Packer made a bid for Network TEN shares yesterday.
Four years after he sold shares in PBL Media to private equity firm CVC Asia Pacific, Packer netted close to 16 per cent of TEN through his traditional investment bank, UBS.
By last night the bank was believed to be moving towards 20 per cent of the company, with a stake potentially valued at $313 million.
The move surprised many given James Packer has shown more interest in casinos and telcos, shuning the industry his father became so synonymous with.
But while TEN pitches for a broader audience with MasterChef and a push for more news and current affairs, Packer is said to be a fan of TEN’s glory days with its focus on younger demographics.
TEN’s share register has been wide open since Canadian broadcaster CanWest was forced to dump its majority 50 per cent stake after hitting debt troubles in the financial crisis.
Media reports suggest that Packer family interests would be satisfied with a 20 per cent stake in TEN and representation at the board table.
Source: The Age, The Australian
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27 Responses
He is a fool!
Can someone explain how One HD has been a ‘success’ for Ten, when they spent and wasted (as it turned in a loss for them) 25 mill on the disaster of the 2010 Comm Games. Waiting 3 years for it to turn a profit when the analogue signal is cut, is too long.