James Packer sees opportunity in Asia
Australian billionaire James Packer, who recently teamed with Dune Entertainment to finance 75 movies for Warner Bros., says that RatPac Entertainment, his other venture with Brett Ratner, may also back Chinese movies.
“There is a real chance to grab the opportunity in China. In 10 years the Chinese box office will have overtaken the United States,” Packer, Australia’s third richest man, told the Australian Financial Review.
RatPac-Dune, is a four year partnership with Dune’s Steven Mnuchin, filmmaker Brett Ratner (pictured) and Packer, son of media mogul Kerry Packer, specifically to fund the Warner slate. The total funds are expected to be in the $450 million range, Mnuchin told Variety. He said that the deal could be extended — as Dune’s pact with 20th Century Fox was on multiple occasions.
To date James Packer has shown as much interest in the casino industry as mainstream media. He is the boss of ASX-listed Crown Limited, which owns Aspinall’s Club in London and stakes in gambling venues in Macau.
He was previously executive chairman of Publishing And Broadcasting Limited, which owned several Australian commercial TV interests. In 2010 he bought an 18% stake in Australia’s Network Ten, before quickly selling it to Lachlan Murdoch.
RatPac Entertainment was hatched in December 2012. “We intend to build a major independent film company which not only has the ability to fully finance its films, but which also offers creative independence for its filmmakers,” said Ratner at the time.