From Packer to Bond: 1987–88

Abstract

Kerry Packer in 1984 had provided a large proportion of money to rescue TV-am at a time when it appeared that no alternative source of finance was available. In January 1987, however, Packer’s Consolidated Press Holdings Group sold its television and broadcasting interests to Bond Corporation Holdings Ltd. By this deal, Alan Bond, a fellow Australian, acquired Packer’s share in TV-am. The IBA had to approve, in principle, the proposed transfer of Packer’s 27.25 per cent holding (now named Nine Broadcasting) in TV-am, to Bond Media UK Ltd. The Authority members were also asked to consider the extent of the voting power for another TV-am investor, Quantum Overseas NV, an investment fund incorporated in the Netherlands Antilles, which had requested the power to vote up to 4.99 per cent of their 6.72 per cent holding in TV-am.