Packer controlled Nine Network and Nine's Wide World of Sports in the 1980s, and "famously sold the network to Alan Bond and then bought it back three years later for less than a quarter of the price." Writes the Sydney Morning Herald, "Packer's decision to sell Nine to Bond in 1987 for $1.2 billion - before buying back the network in 1990 for $250 million - is legendary in Australian television." As pointed out by internet news outlet Crikey, if $100 million had been invested in the Australian sharemarket in September 1974 through a balanced portfolio of the top 200 companies, that portfolio would be worth a lot more than $6.9 billion in December 2005, possibly as much as $11 billion. Īlthough Packer's reputation as an astute businessman was legendary and he made some good investments, he was by no means a self-made man-his grandfather, Robert Clyde Packer, and his father, Sir Frank Packer, had built up the media empire and its related holdings over many decades. Packer was widely respected in business circles, courted by politicians on both sides, and was widely regarded as one of the most astute businessmen of his time, despite having been a poor student. The Nine Network and Australian Consolidated Press businesses have since been divested to PBL Media. He was involved in a number of other gambling and tourism ventures, notably Crown Casino in Melbourne. Until Packer's death PBL owned the Nine television network, and Australian Consolidated Press which produces many of Australia's top-selling magazines. Packer, through his family company Consolidated Press Holdings, was the major shareholder with a 37% holding in Publishing and Broadcasting Limited (PBL). His father had fallen out with his elder son, Clyde, in 1972.
On his father's death in 1974, the family estate, valued at $100 million, passed directly to Packer. He took part in various sports at school, including boxing, cricket, and rugby though he struggled academically, possibly due to undiagnosed dyslexia. His mother, Gretel Bullmore, was the daughter of Herbert Bullmore, the Scottish rugby union player. His father was Sir Frank Packer, an Australian media proprietor who controlled Australian Consolidated Press and the Nine Network. Kerry Packer was born on 17 December 1937 in Sydney, Australia. In 2004, Business Review Weekly magazine estimated Packer's net worth at A$6.5 billion. At the time of his death, he was the richest and one of the most influential men in Australia.
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Outside Australia, Packer was best known for founding World Series Cricket. The Packer family company owned a controlling interest in both the Nine Network and the publishing company Australian Consolidated Press, which were later merged to form Publishing and Broadcasting Limited (PBL). Kerry Francis Bullmore Packer AC (17 December 1937 – 26 December 2005) was an Australian media tycoon, and was considered one of Australia's most powerful media proprietors of the twentieth century.
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