James Packer bets big on Paramount, Netflix with Crown Casino cash
James Packer’s family made its fortune from the media, and the heir has returned to what he knows best, investing heavily in the fortunes of two major media companies after cashing out his Crown Resorts stake early last year.
Packer netted A$3.3 billion for the sale of his shares in the casino – and has since invested A$122 million in Paramount Global, parent company of Network Ten, as well as a more modest A$30.3 million stake in Netflix.
Packer’s portfolio, revealed by The Australian, also includes a A$7 million cut in Spotify, a $17.25 million stake in Microsoft, and A$5.53 million in Block, the ASX-listed company set up by Twitter founder Jack Dorsey and owner of payment platforms Square and Cash App.
The mogul hasn’t quite cut ties with Crown, retaining A$53 million in shares – not quite the control stake he once held, but still a significant slice.
Packer also quietly became a “key, multimillion-dollar investor” with Alan Jones’ Australian Digital Holdings media play earlier this year.
Mumbrella has contacted Network Ten and Netflix for comment.
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Nathan Jolly is the Deputy Editor of Mumbrella. He joined the team in July, 2023.
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