Packer deal shows he is 'chip off the old block'

Is James Packer, son of the late maverick Australian media mogul, Kerry, a chip off the old block? According to this profile, he is. Packer is selling off assets held by his Publishing and Broadcasting company for an impressive A$4.54bn (£1.61bn). The sale to the private equity group, CVC Asia Pacific, is generally thought to be a good deal, rationalising the company's investment in traditional media assets in order to pursue an expansion into gaming. But some analysts believe there could be risks in in Packer's gaming investments in Asia and Russia. (Via Financial Times)