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Packer, Kerry

Kerry Packer's Death Leaves Son James in Charge of Publishing & Broadcasting Empire

Strategic Insights

— 1 min read

The death of Kerry Packer, Australia's richest man, has left his son James, 38, in control of the family media and gambling empire, Publishing & Broadcasting. James, who currently holds the title of chairman, has been groomed by his father to take over the company and has been involved in several key deals in recent years. Analysts say that James is ready to inherit the responsibilities of his father and that the company's succession plans will minimize any immediate disruption.

Key Takeaways:

  • James Packer, 38, is the fourth generation of the Packer family to run Publishing & Broadcasting and has been groomed by his father to take over the company.
  • Kerry Packer officially handed over the reins of Publishing & Broadcasting to his son in 1998, but remained closely involved in the day-to-day operations of the business.
  • James Packer has a strong management team to draw on, including Chief Executive John Alexander, a 37-year media veteran, and Head of Casino Operations Rowan Craigie, who has worked in the industry for over 12 years.
  • The company has made several key appointments in recent years, including Ian Law, former head of West Australian Newspapers, to run its magazines unit, and Pat O'Sullivan, former finance chief of Singtel Optus, to fill the new position of Chief Operating Officer.
  • James Packer's business acumen has been questioned in the past, including the failed One.Tel telecommunications venture with News Corp, but analysts say that he has learned from the experience and is ready to lead the company.

Statistics:

  • The failed One.Tel telecommunications venture with News Corp resulted in debts of almost 1 billion Australian dollars, or $728 million.
  • The company's share price could fall by 5 percent to 10 percent when the market reopens in the wake of Kerry Packer's death.
  • James Packer is expected to lead the company for the long-term, with analysts saying that he has the skills and experience to take the company forward.

Sources:

  • ABC radio
  • Commonwealth Securities
  • Macquarie Bank
  • Investors Mutual
  • New York Times
  • Australian Financial Review
  • The Age
  • Sydney Morning Herald

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