James Packer to the rescue? Aussie billionaire gains a huge stake in Network 10 as studio struggles to bring in viewers

Australian billionaire James Packer has bought a $123 million stake in Paramount Global, the US parent company of Network Ten.

The former Channel Nine supremo – who cut ties with that TV station in 2008 – bought the shares through his company Consolidated Press International Holdings.

The shares equal less than one percent of Paramount's total market capital of $10.47 billion, but it marks a significant return to free-to-air media for Mr. Packer.

He inherited control of Australian Consolidated Press and Publishing and Broadcasting Limited – owner of Channel Nine and top-selling magazines including Woman's Day – following the death of his father Kerry Packer in 2005.

Mr Packer also recently purchased an undisclosed size stake in Alan Jones-led streaming network, Australian Digital Holdings (pictured, Mr Packet with Kylie Lim in 2018)

But he began selling off those companies in 2006, focusing instead on his Crown Casinos gambling empire until selling his shares for $3.36 billion in 2022.

He had previously bought another stake in Ten in 2010, spending $244 million to acquire an 18 percent stake in the company, which he later split with Lachlan Murdoch.

Ten went into administration in 2017 and was bought by American giant CBS, which later became Paramount after a new merger.

Mr Packer also recently purchased an undisclosed size stake in Alan Jones-led streaming network, Australian Digital Holdings.

Mr Packer's assets were revealed in filings with US regulators, the Australian Financial Statement reports.

The documents show that Mr. CPIH's company. Packer has a portfolio worth more than $360 million, mainly made up of technology stocks.

He also has a $34.6 million stake in Blackstone, the company that acquired his Crown Resorts casinos in 2022.

He has also pared back some of his investments, reducing his stake in Netflix from $23.2 million to $19.9 million, and shrinking his stake in semiconductor company ASML from $41.5 million to $25 million .

Ten has struggled to gain market share in recent years, with 10 News Sydney (pop. 5.1 million) being surpassed by 7News Orange (pop. 100,000) last week, with Seven's local news getting 36,000 and Seven's 34,000 Ten.

Ten has struggled to gain market share in recent years, with 10 News Sydney (pop. 5.1 million) being surpassed by 7News Orange (pop. 100,000) last week, with Seven's local news getting 36,000 and Seven's 34,000 Ten.

The shares are equal to less than one per cent of Paramount's total market capital of $10.47 billion, but it marks a significant return to free-to-air media for Mr Packer (pictured: current presenters of Ten's flagship show, The Project )

In contrast, Brittany Higgins' appearance in Bruce Lehrmann's legal action against Network 10 attracted more than 17,000 viewers on the Federal Court YouTube livestream.

In November, the network announced that the morning program Studio 10 had officially been canceled.

The final episode of Studio 10 will air on December 22, after more than a decade on Australian screens.

News of Mr Packer's stake in Network 10 comes after it was revealed he has ruthlessly ousted some of his inner circle, including one of his closest friends.

The reclusive businessman appears to have trimmed his inner circle of trusted lieutenants, including former right-hand man and school friend Ben Tilley.

Mr Tilley was part of the Packer family for the past 50 years and was a classmate of Mr Packer at Sydney's posh Cranbrook school, the Sydney Morning Herald reported.

He was often spotted with Mr Packer, including on board Mr Packer's $250 million superyacht IJE, which regularly hosts exclusive clientele.