Share raid on Ten points to Packer
A buying spree of Ten shares tonight has triggered speculation that James Packer has made a return to free TV.
More than 15% of the company’s shares were snapped up in after-the-close trading, with Packer widely believed to be the purchaser.
The Packer family is more closely associated with the glory years of the Nine Network, particularly under the late Kerry Packer.
However, James Packer virtually exited from Nine with his stake diluted to less than 1%. However, he controls Consolidated Media Holdings which owns 25% of Foxtel.
The Sydney Morning Herald speculated tonight that if Packer did move to take control of Ten it could trigger Nine CEO David Gyngell, a close friend of Packer’s, to switch networks.
Tim Burrowes founded Mumbrella in 2008. He worked on Mumbrella until 2021. At various points he was editor, content director and editor-at-large.
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Like the sounds of that!
Packers + TV Stations = Good combination.
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Mr Packer has realised that far from Free TV being in decline it is at the beginning of a long growth run and no doubt is taking a position on the next round of media consolidations whiuch will happen in 2011/12
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