×

Packer profits soaring

PBL's entertainment assets profit rises 18%, revenues jump nearly 12%

SYDNEY — Buoyed by the first full-year results from last year’s acquisition of the once-troubled Crown Casino, as well as bumper advertising revenues from the top-rating Nine Network, Kerry Packer’s Publishing and Broadcasting Ltd. beat all forecasts to post an 86% hike in post-tax profit to A$324 million ($194.4 million) on doubled revenues of $1.4 billion for the year ended June 30.

Excluding the casino, PBL’s entertainment assets post-tax profit rose 18% to about $123.5 million, while revenues increased nearly 12% to $828 million. PBL said that despite the Olympics airing on Kerry Stokes’ competing Seven Network, the outlook for continued profit growth was good.

PBL, 36% owned by Packer, is now capitalized at $5.5 billion with strong gaming revenues and a war chest built up from asset sales. That means the company has plenty of money for digital conversion or further expansion should the government relax cross-media ownership rules that prevent Packer from achieving his long-held aim of acquiring the influential Fairfax newspaper publishing empire.

The profits more than compensated for PBL’s $21 million outlay for corporate membership in an exclusive Melbourne Golf Club and about $26 million in losses for its stakes in feevee operator Foxtel, telephony group One.Tel and Ecorp.

Losses at Ecorp, the separately listed Internet biz that is 80% owned by PBL and operates Oz’s most popular portal with Microsoft, rose 16% to $17 million, despite revenues increasing 911% to $39 million.

More Biz

  • Singer-rapper Psy performs during the 70th

    YG Agency Boss Quits as K-Pop Scandals Expand

    Yang Hyun-suk last week resigned from his remaining positions at YG Entertainment. The talent agency he co-founded is deeply mired in a series of inter-linked scandals that stretch from drugs to prostitution. Problems started with the band Bigbang and its star Seungri, but now also encompass other YG artists. Hwang Bo-kyung was appointed as the [...]

  • NEW YORK, NY – JUNE, 24:

    LGBTQ Stars Honored at Variety’s Power of Pride Celebration

    New York City felt the full Power of Pride on Monday, as Variety celebrated its inaugural issue devoted to the annual recognition of LGBTQ people worldwide. At an intimate gathering at Mr. Purple, the rooftop bar at Hotel Indigo Lower East Side in Manhattan, Variety’s cover stars and luminaries gathered for cocktails and the unveiling [...]

  • Motown Seeks to Block 'O-Town' Trademark

    Motown Seeks to Block 'O-Town' Trademark

    UPDATED: The boy band O-Town briefly rose to fame in 2000, with a star turn on MTV’s reality series “Making the Band.” But the reformed group has just one obstacle to its efforts to trademark its name: Motown Recordings. The label’s parent company, Universal Music Group, is trying to block the band from registering “O-Town” [...]

  • Alyssa Milano

    Alyssa Milano Settles $10 Million Suit With Former Accountant

    Actress Alyssa Milano has settled a legal battle with her former accountant as the case was on the verge of going to trial. Milano and her husband, agent David Bugliari, filed suit in 2017, alleging that accountant Kenneth Hellie had forged her signature on checks, failed to pay overdue bills and taxes and allowed costs [...]

  • J Balvin ‘Amicably’ Parts Ways With

    J Balvin ‘Amicably’ Parts Ways With Longtime Manager Rebeca Leon

    J Balvin and his longtime manager Rebeca León have “amicably” parted ways, reps for the singer and León confirmed to Variety. The news was first reported by Billboard. León — who also oversees the careers of fast-rising Spanish singer Rosalia as well as Colombian superstar Juanes, with whom she founded Lionfish Entertainment — began managing Balvin early in his career [...]

  • Ann Sarnoff Headshot

    Warner Bros. Taps BBC Studios Americas Chief Ann Sarnoff as CEO (EXCLUSIVE)

    Warner Bros. has tapped BBC Studios Americas president Ann Sarnoff as its new CEO, a surprise pick that is sure to shake up the venerable studio. Sarnoff becomes the first woman to head Warner Bros. in its nearly 100-year history. She was under the radar during WarnerMedia’s search for a successor to lead the studio [...]

More From Our Brands

Access exclusive content