P. M. BRIEFING : Packer Seeks Bond’s TV Network
SYDNEY, Australia — Australia’s richest man, Kerry Packer, today launched a $39.8-million bid to buy back the television network he sold to entrepreneur Alan Bond two years ago for $750 million.
But Bond’s flagship, Bond Corp., said it would not sell out of the Channel Nine network, despite mounting pressure over its $6.2 billion in debt.
“Frankly, we’re just not interested,” Bond Corp. director Peter Lucas told Reuters.
A rejection by Bond Corp., which controls 51.6% of stock in Channel Nine owner Bond Media, could foil Packer’s bid because it is conditional on acceptance by holders of 90% of Bond Media shares.
But Packer said Bond Media faced collapse unless it obtained more money.
Among the Bond group’s debts is $150 million owed to Packer, to be repaid by March, 1990.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
