Packer's ConsMedia sells Seek stake for $441 million
26 Aug 2009
James Packer's Consolidated Media Holdings (ConsMedia) has sold its entire 27-per cent stake in internet job advertising group Seek to institutional investors at $5.05 a share, aggregating $441 million.
ConsMedia is now left with a 25 per cent stake in Foxtel, a 50-per cent stake in the pay TV programme provider Premier Media Group and an insignificant interest in PBL Media, owner of Nine and ACP.
Packer and his lieutenant John Alexander have resigned from the board of Seek, which was founded by Paul and Andrew Bassat.
He said his departure from the company has nothing to do with its management.
''Paul and Andrew Bassat are two of the smartest, most decent, and honourable people I have had the pleasure of knowing and working with," Packer, who was Seek chairman, said in a statement.
"I look forward to our friendships continuing for many years to come, and I believe Seek will go from strength to strength over time."