Packer’s $10billion gaming giant

JAMES Packer is reportedly looking to sell his 25 per cent stake in Foxtel for a $1 billion with the likely buyer News Corp, the Herald Sun says. Reports emerging from media outlets in Australia speculate that Packer wants the cash to pursue a full merger of his Crown Casino in Melbourne and Sydney’s Star Casino to create a $10 billion gaming giant.

News Corporation, publisher of this newspaper, is the most likely buyer. It is believed News will get first right to buy. If this sale goes ahead, the Packer family won’t have any media interests in Australia.  The aftermath will apparently be be felt in political circles following the parliamentary select committee in the UK which has ruled that News chairman Rupert Murdoch is not a fit person to run a major international company.