Editing James Packer (section)

==Career==
===Early internet investments===
Following the dotcom crash of 2000–2001, Packer acquired stakes in the online classified sites [[Seek Limited|Seek]] and [[Carsales.com]], believing that newspaper companies relying heavily on classified advertising were vulnerable to online companies in categories including employment and vehicle listings.<ref name=williams>{{cite book |author=Williams, Pamela |title=Killing Fairfax: Packer, Murdoch & The Ultimate Revenge |publisher=HarperCollinsPublisher |year=2013 |isbn=9780732297664 }}</ref>{{rp|15}}

Packer purchased a 25% stake in SEEK for A$33 million in August 2003. He sold most of his stake six years later for A$440&nbsp;million.<ref name=williams/>{{rp|53}}<ref name=williams/>{{rp|242}} At Packer's urging, the magazine group then controlled by his family, [[Are Media#Australian Consolidated Press|Australian Consolidated Press]], acquired a 41% stake in online advertiser Carsales in October 2005.<ref name=williams/>{{rp|101}} The deal, initially valued at A$100 million, was eventually worth A$462 million to Packer-controlled entities.<ref>{{cite news |first=Adele |last=Ferguson |work=The Sydney Morning Herald|title=Online boom shows much more pain still to come for retailers|date=24 May 2011 |url=http://www.smh.com.au/business/online-boom-shows-much-more-pain-still-to-come-for-retailers-20110523-1f0ov.html |access-date=21 October 2013}}</ref>

===Selling Channel Nine===
In March 2006, Packer began discussing whether to sell Channel Nine and the Australian Consolidated Press magazine group to help fund his move into the international gaming and tourism business.<ref>{{Cite news |date=2010-11-09 |title=DEALTALK-Aussie media floats worth $7 bln on the cards |language=en |work=Reuters |url=https://www.reuters.com/article/dealtalk-australia-media-idUSSGE6A70T220101109 |access-date=2023-10-29}}</ref> Given changes in media due to the Internet and pay-TV, Packer was concerned about the future of free-to-air television.<ref name=williams/>{{rp|140}}{{rp|150}} On 17 October 2006, Packer's team finalised a deal to sell 50% of the media assets—which also included a 50% stake in web portal [[Ninemsn.com.au|Ninemsn]] and a 51% stake in Carsales—to private equity group CVC Asia Pacific for A$4.5 billion, plus an additional A$1 billion in equity in the new company, which would be called PBL Media.<ref name=williams/>{{rp|213}}

In June 2007, Packer sold another 25% share of the joint-venture PBL Media to CVC for $515 million.<ref>{{Cite news |date=2007-06-01 |title=Packer sells media stake, ticketing to CVC |language=en |work=Reuters |url=https://www.reuters.com/article/us-pbl-media-idUSSYD30184220070601 |access-date=2023-10-29}}</ref><ref>{{Cite web |author=Pip Bulbeck|agency=Associated Press |date=2007-06-02 |title=Packer sells 25% stake in PBL Media |url=https://www.hollywoodreporter.com/business/business-news/packer-sells-25-stake-pbl-137751/ |access-date=2023-10-29 |website=The Hollywood Reporter |language=en-US}}</ref> In October 2008, Packer wrote down his final 25% stake in PBL Media to zero.<ref name=williams/>{{rp|222}} By the end of 2012, debt from CVC's acquisition had overwhelmed Channel Nine and US hedge funds ousted CVC, taking complete ownership.<ref>{{cite news |first=Helia |last=Ebrahimi |work=CNBC|title=Interview with Helia Ebrahimi|date=13 September 2013 |url=https://www.cnbc.com/helia-ebrahimi/ |access-date=23 October 2013}}</ref>

===One.Tel===
{{Main|One.Tel}}
Packer was a director of Australian Telecommunications company [[One.Tel]], which was declared insolvent during May 2001. The collapse of One.Tel cost PBL A$327 million. Packer admitted at a PBL annual general meeting that he had learned "painful lessons" from the collapse of One.Tel. Later at the [[liquidator (law)|liquidator]]'s inquiry over the collapse he denied that he was apologising for his own conduct; instead, he claimed, "I was making an apology for accepting the bona fides of [[Jodee Rich|Mr. [Jodee] Rich]] and the executive directors of One.Tel."<ref name="SMH-apology">{{cite web |title=James Packer quizzed over One.Tel collapse |url=https://www.smh.com.au/business/james-packer-quizzed-over-one-tel-collapse-20020501-gdf8qi.html |website=[[The Sydney Morning Herald]] |access-date=3 June 2021 |language=en |date=1 May 2002}}</ref>

In April 2014, [[Lachlan Murdoch]] and Packer agreed to a A$40 million settlement over the One.Tel failure. The settlement was approved by the [[Supreme Court of New South Wales]] on 17 April 2014, with A$14.93 million to be paid by the Packer family's Consolidated Press Holdings, A$11.77 million to be paid by Packer's [[Crown Resorts]] and A$13.3 million to be paid by [[News Corp (2013–present)|News Corp]].<ref>{{cite web |url=http://www.theage.com.au/business/court-approves-40m-onetel-settlement-20140417-36u8c.html |title=Court approves $40m One.Tel settlement |last1=Butler |first1=Ben |date=17 April 2014 |website=The Age |access-date=17 April 2014}}</ref>

===Crown Resorts===
{{Main|Crown Resorts}}

Since his father's death, Packer has moved away from the family's traditional media businesses and focused on creating a worldwide gambling empire: [[Crown Resorts]]. It has businesses and investments in the integrated resort and casino sectors in Australia and Macau, and wholly owns and operates a high-end casino in London, Crown Aspinall's.<ref name="crown-about-us">{{cite web |url=http://www.crownresorts.com.au/about-us/crown |title=About us |work=Crown Resorts Limited |date=2016 |access-date=26 March 2016 }}</ref> In October 2017, Crown's market capitalization was over $8 billion.<ref name="au.finance.yahoo.com">{{Cite web |title=CWN.AX: Summary for CROWN FPO - Yahoo Finance |url=https://au.finance.yahoo.com/quote/CWN.AX/ |access-date=2017-10-16 |website=au.finance.yahoo.com |language=en-AU}}</ref> On 21 March 2018, Packer resigned as executive chairman of Crown Resorts.<ref>{{cite web |last1=Williams |first1=Perry |title=James Packer resigns as director of Crown Resorts |url=https://www.smh.com.au/business/james-packer-resigns-as-director-of-crown-resorts-20151221-gls8c4.html |website=[[The Sydney Morning Herald]] |access-date=23 July 2018 |language=en |date=21 December 2015 |archive-date=23 July 2018 |archive-url=https://web.archive.org/web/20180723064034/https://www.smh.com.au/business/james-packer-resigns-as-director-of-crown-resorts-20151221-gls8c4.html |url-status=dead }}</ref>  In May 2019, Packer sold half of his stake in Crown Resorts to [[Lawrence Ho]].<ref name="Straits Times: 2019 by Pearlman">{{cite news |last=Pearlman |first=Jonathan |date=17 June 2019 |title=Sale of Aussie gaming stake sparks concern |newspaper=[[The Straits Times]] |location=Sydney, Australia |url=https://www.straitstimes.com/asia/australianz/sale-of-aussie-gaming-stake-sparks-concern |access-date=10 July 2019}}</ref><ref>{{Cite news |date=24 February 2020 |title=James Packer's Crown Resorts casino firm faces probe |work=BBC News |url=https://www.bbc.com/news/business-51584458}}</ref>

In October 2020, Packer appeared before an independent inquiry into Crown's suitability to hold casino licence in [[NSW]]. When questioned over impropriety, illegality and corruption, Packer admitted that while a director of Crown he made "shameful" and "disgraceful" threats against businessman Ben Gray.<ref name="theguardian.com">{{cite web |last1=Davies |first1=Anne |title=James Packer's Crown Resorts unsuitable to hold casino licence in NSW, report finds |url=https://www.theguardian.com/australia-news/2021/feb/09/james-packers-crown-resorts-found-unsuitable-to-hold-casino-licence-in-nsw-report-finds |website=[[Guardian Australia]] |access-date=9 February 2021 |language=en |date=9 February 2021}}</ref> In February 2021, the inquiry found that Crown was unsuitable to hold a casino licence due in part to Packer's threats to Ben Gray, as well as its "continued commercial relationships with junket operators who had links to [[Triad (organized crime)|triads]] and other organised crime groups.”<ref name="theguardian.com"/> In February 2022, [[The Blackstone Group]] acquired Crown Resorts for A$8.9 billion (US$6.4 billion).<ref>{{Cite web|title=Blackstone Wins Crown Resorts as Board Accepts $6.4 Billion Bid|url=https://www.bloomberg.com/news/articles/2022-02-13/blackstone-wins-crown-resorts-as-board-accepts-6-4-billion-bid|access-date=2022-02-13|website=www.bloomberg.com}}</ref> Packer held 37% of Crown Resorts stock at the time of the sale. He received A$3.36 billion for his shares.<ref name="ABC June 2022" />

=== Other business activities ===
Packer purchased an 18% stake in [[Network Ten]] in 2010, quickly offloading half to Lachlan Murdoch. Three months later, after a dispute with Murdoch over a senior management appointment, Packer resigned his [[Network Ten]] board seat. There was also speculation that he resigned due to a conflict of interest with his interests in Consolidated Media Holdings.<ref>{{cite news |first=Antonia |last=Magee |work=Herald Sun |date=2 March 2011 |title=James Packer, Lachlan Murdoch fall out over new Ten Network chief James Warburton |url=http://www.news.com.au/business/packer-resigns-from-ten-board/story-e6frfm1i-1226014676071 |access-date=21 August 2012}}</ref> Following the implementation of CBS's restructure of Network Ten announced in August 2017, Packer will no longer have an interest in Network Ten.<ref>{{Cite web|url=http://www.smh.com.au/business/media-and-marketing/tens-board-failed-to-update-market-for-four-weeks-after-packer-walked-20170814-gxvpnu.html|title=Ten's board failed to update market for four weeks after Packer walked|last=Lucy|first=Battersby|date=15 August 2017|website=[[The Sydney Morning Herald]]|access-date=7 June 2018}}</ref><ref>{{Cite web|url=http://www.abc.net.au/news/2017-08-29/channel-ten-cbs-takeover-plot-twist-seven-nine-will-hate/8853182|title=Ten Network no longer the biggest loser as CBS shakes up free-to-air TV|first=Stephen|last=Letts|date=30 August 2017|website=[[ABC News (Australia)|ABC News]]|location=Australia}}</ref> In late May 2011, Packer made a reported A$80&nbsp;million investment in daily deals sites Scoopon and Catch of the Day through a partnership between his Consolidated Press Holding and several other investors, including Andrew Bassat, a co-founder of Seek.com.au.<ref>{{cite web|author=Bryant, Morris|title=Packer buys into Catch of the Day and Scoopon|url=http://thedealer.com.au/deals-blog/news/packer-buys-into-catch-of-the-day-and-scoopon/|access-date=16 June 2011|work=The Dealer |date=23 May 2011|url-status=dead|archive-url=https://web.archive.org/web/20110830203626/http://thedealer.com.au/deals-blog/news/packer-buys-into-catch-of-the-day-and-scoopon/ |archive-date=30 August 2011}}</ref>

In December 2012, Packer and producer-filmmaker [[Brett Ratner]] formed a joint venture, [[RatPac Entertainment]]. The first film financed by RatPac was a major success. ''[[Gravity (2013 film)|Gravity]]'', a space thriller directed by Alfonso Cuaron and starring Sandra Bullock and George Clooney, generated the strongest-ever October opening in the US and took box office receipts of more than {{USD}}100&nbsp;million in its first five days.<ref name="Lehman">{{cite news |first=John |last=Lehman |work=The Daily Telegraph |title=James Packer takes a new gamble on big movies venture|date=12 October 2013|url=http://www.dailytelegraph.com.au/news/nsw/james-packer-takes-a-new-gamble-on-big-movies-venture/story-fni0cx12-1226738627985 |access-date=21 October 2013}}</ref> Packer sold his investment in RatPac for an undisclosed amount in April 2017.<ref>{{cite web | title=James Packer Sells Ratpac Stake Turns Attention From Hollywood To Home | website=The Australian | url=http://www.theaustralian.com.au/business/james-packer-sells-ratpac-stake-turns-attention-from-hollywood-to-home/news-story/4488da111586abfbe7024840dbb19037 | access-date=26 August 2018}}</ref> According to ''Filmink'' "Who knows what sort of legacy James Packer is going to leave when he shuffles off this mortal coil, but I maintain the films he helped finance...will stand out among the more positive achievements."<ref>{{cite magazine|first=Stephen|last=Vagg|magazine=Filmink|url=https://www.filmink.com.au/ten-billionaires-stung-hollywood/|title=Ten Billionaires Who Were Stung by Hollywood|date=10 March 2020}}</ref> 

In October 2014, Packer bought out [[Peter Holmes à Court]]'s 37.5% share of the ownership of [[South Sydney Rabbitohs]] [[National Rugby League|NRL]] club, becoming [[Russell Crowe]]'s partner in the Blackcourt League Investments Pty Limited venture.<ref name="2014ownership">{{cite news|newspaper=The Daily Telegraph|location=Sydney, NSW|url=http://www.dailytelegraph.com.au/sport/nrl/peter-holmes-a-court-reveals-his-reasons-for-selling-his-south-sydney-stake-while-james-packer-plans-for-a-big-future/story-fnp0lyn3-1227100197425|title=Peter Holmes a Court reveals his reasons for selling his South Sydney stake, while James Packer plans for a big future|author=Ritchie, Dean|date=24 October 2014|access-date=31 October 2014}}</ref>

In 2022, following the sale of his $3.3 billion stake in Crown Resorts, Packer sought to simplify his investment portfolio concentrating on big tech stocks, AI and property.<ref name="auto">https://www.theaustralian.com.au/business/james-packer-makes-a-bumper-600m-profit-thanks-to-his-tech-stock-investments/news-story/d8fc8673618d340c80f8699e75f41e0b</ref>  As at 30 June 2024, Packer holds almost $500 million of Nvidia, $452 million of Meta and $366 million of Taiwan Semiconductor Manufacturing Company.<ref name="auto"/>