Rupert Murdoch, Kerry Stokes and James Packer have veered from allies to bitter enemies over the years as each jockeyed to expand their Australian media empires. The three billionaires are at it again.
Kerry Stokes made his first billion dollars operating television stations and selling dump trucks in his native Australia. Now, he’s betting a chunk of that fortune on a bank that operates in the backwaters of rural China.
Kerry Stokes may gain an unfair advantage for sports rights if he takes over an Australian pay- television business for which Rupert Murdoch’s News Corp. has offered A$1.94 billion ($2 billion), the regulator said.
Seven West Media Ltd., controlled by billionaire Kerry Stokes, jumped the most since July in Sydney trading after Royal Bank of Scotland Group Plc said the television broadcaster’s owners may attempt a buyout.
News Corp.’s A$1.94 billion ($2 billion) offer for pay-television company Consolidated Media Holdings Ltd. gained Kerry Stokes’s support after the billionaire’s Seven Group Holdings Ltd. was blocked from bidding.
Billionaire Kerry Stokes will combine West Australian Newspapers Holdings Ltd. with Seven Media Group in a $2 billion takeover, creating the nation’s biggest media company with the top-rated TV network and more than 25 magazines.
Kerry Stokes, the Australian billionaire and chairman of Seven Group Holdings Ltd., talks about his decision to become one of the cornerstone investors in Agricultural Bank of China Ltd., and its Chairman Xiang Junbo.