remake: James Packer follows in dad Kerrys footsteps
with $450 million film deal - 2nd October 2013
Packer may have sold off the media empire established
by his grandfather, Frank, and father, Kerry, but
he hasnt completely lost his dads affection
for the bright lights and glamour of the screen.
$450-million deal announced between Packers
RatPac and Hollywood giant Warner Bros will see Packer
help finance 75 films over four years.
a joint venture between Packer and Hollywood director
Brett Ratner, will join with a company called Dune
Entertainment to finance Warner Bros slate of
The Australian Financial Review the deal fit in with
his gaming interests and his push into Asia.
movie business has always had a love affair with casinos.
Casinos love the movies. Television and film sell
emotion. Casinos sell adrenaline. There are also commercial
benefits, he said on Tuesday.
is a globalisation play here. There is a real chance
to grab the opportunity in China. In 10 years
time, the Chinese box office will have overtaken the
United States. Id like to see my business interests
spread out evenly across the US, Australia and China.
Packer can convince his new partners to back a new
episode in the Back to the Future series, because
there is an element of that about this move
Kerry Packer was also a Hollywood investor.
in 1994, Kerry emerged with a 25 per cent stake in
Hollywood producer New Regency, run by industry veteran
Arnon Milchan. Kerry sunk $165 million into the production
investment was a successful one. In 2004, the Packers
Publishing and Broadcasting Limited received a $182.4
million dividend from New Regency; given PBL posted
a full-year net profit of $381 million in the 2002-03
financial year, this was no small windfall.
would make other forays into the movie business, most
notably buying the Hoyts cinema chain through his
own private company in 1999, in a $620-million deal.
would go on to unwind both deals. Hoyts which
had been sold from the Packers private company
to a joint venture between PBL and West Australian
Newspapers in 2005 in a deal that reaped $347 million
for the family and raised plenty of eyebrows
was eventually sold to private equity in 2007.
stake in New Regency was sold back to Arnon Milchan
in 2008 in a deal worth about $350 million, ostensibly
to allow Packer to focus on gaming.
certainly done that, but its clear that the
silver screen isnt completely out of James Packers