Packer’s Ten resignation ‘matter of principle’ over Stokes truce
James Packer resigned from the Ten board because the poaching of Seven’s James Warburton to run the company broke a truce he had agreed with Kerry Stokes, the Sydney Morning Herald reports today.
According to the SMH, after Stokes became an uninvited investor in Consolidated Media Holdings, of which Packer is the major shareholder, the pair thrashed out an agreement not to “tread on each other’s turf”.
Because the approach to Warburton by fellow board director Lachlan Murdoch broke that agreement, Packer stepped down “as a matter of principle”, the SMH suggests.
However, the vacancy on the Ten board also made it more straightforward for Warburton to be offered a seat.
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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Wouldn’t such a “thrashed out agreement” be anti-competitive and maybe an ACCC issue?
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JG, I was thinking the same thing.
Be very surprised if the analysts aren’t looking into right now.
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