James Packer buys stake in Paramount

James Packer buys stake in Paramount

Billionaire James Packer has returned to the media sector, accumulating an $US80m ($AU122m) stake in Paramount Global, which owns Network 10.

The stock is equal to less than 1% of Paramount’s total market capital of $10.47billion but it marks a significant return to free-to-air media for Mr Packer.

In 2018 he bought an 18% stake in Network 10 for $244 million before selling half of it to Lachlan Murdoch. The network was then placed into administration in 2017 and bought by US studio CBS, which would subsequently shift into Paramount after a merger.

Packer has also recently bought a stake of an undisclosed size in the Alan Jones-fronted streaming network, Australian Digital Holdings.

Packer had reduced his Netflix stake from $US23.2 million to $US19.9 million from August to November.

Source: BandT, Daily Mail