Australian billionaire James Packer has significantly expanded his media interests by acquiring a stake worth around A$123.4 million in Paramount Global, the prominent American media and entertainment conglomerate.
This investment marks a notable shift in Packer's media strategy, particularly as Paramount Global owns Network Ten.
Packer, who had previously distanced himself from media ventures, made a notable comeback earlier this year.
He emerged as a major investor in Australian Digital Holdings, a company linked with Alan Jones, a prominent broadcaster.
This move signalled Packer's renewed interest in the media sector.
Not first investment in Network Ten
This investment is not Packer's first engagement with Network Ten. In 2010 he purchased an 18% stake in the network for A$244 million.
However, he later sold half of this stake to Lachlan Murdoch.
Network Ten experienced significant changes in the following years, including a period of administration in 2017 and a subsequent acquisition by US studio CBS, which later evolved into Paramount following a merger.
Portfolio valued at $US363.7 million
Packer's latest media investment was disclosed through filings to US regulators by Consolidated Press International Holdings (CPH), his company.
These filings revealed a portfolio valued at $US363.7 million, heavily focused on technology stocks.
Apart from Paramount, Packer's second-largest holding is a $US34.6 million stake in Blackstone (NYSE:BX), the new owner of Crown casino, a property Packer sold his share in last year for more than $3 billion amidst controversies.
Investment strategy
CPH's investment strategy has seen adjustments, as indicated by the filings.
Packer has reduced his stakes in various companies, including a notable decrease in his investment in semiconductor company ASML (AS:ASML) and a complete divestment from Nvidia.
Australian Digital Holdings, mirroring the US's right-wing Newsmax TV network, features shows hosted by Jones and broadcasts five hours of content daily.
Paramount, under the leadership of media executive Shari Redstone, faces challenges from a declining advertising market and shifting audience preferences away from traditional broadcast TV.