Kerry Packer

Lore & Background

Kerry Packer was born on 17 December 1937 in Sydney to Sir Frank Packer, a media proprietor, and Gretel Bullmore. He had an older brother, Clyde. Packer struggled academically, possibly due to undiagnosed dyslexia, but excelled in sports including boxing, cricket, and rugby. On his father's death in 1974, the family estate valued at $100 million passed directly to him, as his father had fallen out with Clyde in 1972.

Packer inherited control of the family's controlling share in PBL and built on the media empire established by his grandfather and father. He was the major shareholder with a 37% holding in PBL, which owned the Nine Network and Australian Consolidated Press. He also had interests in gambling and tourism, notably Crown Casino in Melbourne, and was one of Australia's largest landholders. In 2003, a deposit of rubies was discovered on one of his properties.

Packer's business life included the famous sale of the Nine Network to Alan Bond in 1987 for A$1.2 billion, and its repurchase in 1990 for A$250 million. He also owned radio stations 2UE and 3AK, forming the short-lived Commonwealth Broadcasting Corporation in the 1980s. His independent business began after his father's death, and his investments in television and casinos were highly protected by government regulation that he worked to maintain.

Reader's Guide

Kerry Packer's significance lies in his dominance of Australian media and his role in reshaping international cricket through World Series Cricket. He was widely regarded as one of the most astute businessmen of his time, despite being a poor student, and was courted by politicians on both sides. However, he was not self-made; his grandfather and father built the media empire over decades. His inheritance of $100 million in 1974, if invested in a balanced portfolio of top Australian shares, would have been worth significantly above $6.9 billion by 2005, possibly as much as $11 billion. Packer's legacy includes the Nine Network, which remained the number-one network at his death, and the Packer family's continued influence through PBL. The 2001 collapse of One.Tel, in which his son James had invested, was a blow to the family's business reputation. Packer's hands-on approach extended to editorial content and TV programming, as when he ordered the cutting of a show he deemed unsuitable. His appearance at a 1991 government inquiry, where he stated he appeared 'reluctantly' and defended tax minimisation, reflected his combative style.

Did You Know?

• Packer founded World Series Cricket in 1977, drawing top players from several countries.
• He sold the Nine Network to Alan Bond in 1987 for A$1.2 billion and bought it back in 1990 for A$250 million.
• A deposit of rubies was discovered on one of his properties in 2003.
• Packer was not the first choice to run the family business; his father intended his older brother Clyde to take over.

Notable Quotes (Wikiquote)

"There is a little bit of the whore in all of us, gentlemen. What is your price?" — Kerry Packer "Said to Australian cricketers during negotiations to put together World Series Cricket.

Given by Frank Keating in his book Caught by Keating (1979)." — Kerry Packer "Kerry Francis Bullmore Packer. Reluctantly." — Kerry Packer "When asked to state his full name and the capacity in which he appeared." — Kerry Packer