(UDHAYAM, COLOMBO) – James Packer has sold his investment in Hollywood movie financing business RatPac Entertainment, the latest in a string of asset sales as the billionaire strives to make his private company debt free.
Access Entertainment, a part of Len BlavAtnik’s Access Industries, announced overnight that it had bought the stake in RatPac owned by Mr Packer’s Consolidated Press Holdings.
Mr Packer’s business partner, producer Brett Ratner, will keep his stake in the company and will continue as CEO. He will also become co-chairman of RatPac alongside Danny Cohen, president of Access Entertainment and a former director of BBC Television.
The size of Mr Packer’s stake and the value of the deal were not disclosed.
“I am thrilled to be in partnership with Len and Danny,” Mr Ratner said in a statement.
“Len and I have shared the same vision and passion for movies, television and music over the years. Because of his experience and enthusiasm, RatPac Entertainment will be an even more formidable provider of quality entertainment worldwide.”
It comes after speculation in February that Mr Packer was planning to exit RatPac, which was strongly denied at the time.
RatPac, created in 2013, has co-financed more than 50 movies that have taken over $US10 billion in box office receipts, its website says. Its co-financed films have been nominated for 51 Academy Awards.
Mr Packer is believed to be focusing on making CPH debt free through asset sales. The company took on substantial gearing to complete a $1.25bn settlement with Mr Packer’s sister Gretel 17 months ago.
Earlier this month it was confirmed CPH would reap more than $200 million for its stake in Chinese online jobs site Zhaopin after the announcement of a privatisation of the Chinese group by its Australian majority owner Seek.
Earlier this year CPH received hundreds of millions of dollars after Crown Resorts – 48 per cent owned by CPH – reaped $1.9bn from the sale of its shares in Macau gaming company Melco Crown Entertainment.
