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Kerry Packer: Network
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Packer is most famous for his influence on the sport of Cricket. In 1977 Packer secretly hired the world’s best cricket players for a series of one- day/night matches for his Channel Nine Australian television network.
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Apart from sport, Kerry Packer’s other great love was news and current affairs, and the Nine Network had the national flagship in the early evening news. Kerry had a feel for television, and decided to move the programme from 6.30pm to 6.00pm. His long-time newsreader bravely told Mr Packer it would be a disaster, but the news was moved regardless to the 6.00pm timeslot. It was an immediate success, and whenever Packer bumped into that newsreader again, he would often quip “Still want the news at 6.30pm”?
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While Frank Packer had always focussed on developing his publishing interests, Kerry recognised the growing importance of television. The son imported a series of programs from the US to boost Channel 9’s ratings, and placed particular emphasis on developing the network’s coverage of popular sporting events.
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In 1987 Packer made a fortune at the expense of disgraced tycoon Alan Bond. It was widely reported that he sold Bond the Nine Network at the record price of AUD$1.05 billion in 1987, and then bought it back three years later for a mere $250 million, when Bond's empire was collapsing. Packer was then able to re-invest the proceeds in a 25% share in the Foxtel pay TV consortium. After the sale to Bond, Packer said that he had regretted the decision to sell Nine and wished he had not gone through with the transaction.
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Packer is the major shareholder in Publishing and Broadcasting Limited (PBL), which owns the Nine television network and Australian Consolidated Press, which produces many of Australia's top-selling magazines. He is involved in a number of other gambling and tourism ventures, notably the Crown Casino in Melbourne.
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Packer inherited an TV network and a stable of magazines and built.......? He died owning the TV network and a stable of magazines. Oh, he bought some lucrative gambling licenses along the way. Gosh what a great businessman, what an achiever!
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