P.M. BRIEFING : Australian Regains Network
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PERTH, Australia — Kerry Packer, Australia’s richest man, regained control of the country’s top-rating television network today without paying a cent.
Packer took back the Nine Network three years after selling it to beleaguered entrepreneur Alan Bond for $788 million.
Instead of paying cash, Packer will convert $158-million worth of debt still owed by the Bond Corp. into shares in network owner Bond Media Ltd.
The conversion formed part of a capital restructure approved by Bond Media’s minority shareholders today to give Packer’s Consolidated Press Holdings Ltd. a 51.1% stake in the company.
Consolidated Press had launched legal action to liquidate Bond Media for failing to redeem preference shares.
An earlier $41-million takeover bid by Packer for Bond Media was withdrawn in April.
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