James Packer buys up $US80m stake in Ten owner, Paramount Global
James Packer has built a $US80 million ($123.4 million) stake in Paramount Global, the American media and entertainment conglomerate that owns Network Ten, signalling a broadening of the billionaire’s media interests.
Mr Packer returned to the world of media earlier this year after several years’ absence when he emerged as a key multimillion-dollar investor in embattled broadcaster Alan Jones’ Australian Digital Holdings.
This is not Mr Packer’s first dalliance with Network Ten. In 2010, he bought an 18 per cent stake for $244 million, later selling half of that to Lachlan Murdoch.
James Packer returned to the world of media earlier this year. Getty Images
The network was then placed into administration in 2017 and bought by US studio CBS, which would subsequently shift into Paramount after a merger.
Mr Packer’s holding was revealed in filings to US regulators from his company Consolidated Press International Holdings, accounting for CPH’s shares in US-listed firms.
The filings showed CPH had built up a portfolio worth $US363.7 million which is heavy on technology stocks.
His second-largest holding is a $US34.6 million stake in Blackstone, the new owner of Crown casino. Mr Packer sold his shareholding in Crown Resorts last year for more than $3 billion.
The group had plunged into turmoil after it was revealed it had been doing business with high-roller junket operators while having inadequate controls for the prevention of money laundering.
He has trimmed other holdings since the previous filing in August. His $US25 million stake in semiconductor company ASML is down from the $US41.5 million he had invested, while he has sold out of his much smaller Nvidia stake as of mid-November when the latest filing was made.
Mr Packer also reduced his Netflix stake from $US23.2 million to $US19.9 million from August to November.
Modelled off Newsmax, a right-wing television network in the United States, Mr Jones’ Australian Digital Holdings broadcasts five hours of shows each day including ones hosted by Jones.
Paramount, controlled by media executive Shari Redstone, is facing headwinds from a slower advertising market and movement of audiences away from broadcast TV. Mr Packer was approached for comment.
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