James Packer has sent a clear signal to Kerry Stokes - I've got cash and I'm under no pressure to sell.
As the Seven Network camp confirms that it is behind the raid on the remnants of the Packer family's media empire, Mr Packer has himself announced he has bought just under 10 million shares in Consolidated Media Holdings.
Mr Packer's private family company, Consolidated Press Holdings, which controls Consolidated Media Holdings, has bought just under 10 million shares valued at nearly $25 million over the past two days.
It increases Mr Packer's control over ConsMedia to 39.3 per cent from 38.2 per cent, which in normal circumstances is almost double a blocking stake for any takeover aspirant.
Under enormous pressure over the past year as his gambling ambitions teeter in Macau and the US, Mr Packer has been divesting assets across a wide range of his empire - from helicopters to boats, from cows to polo ponies.
Mr Stokes has gambled that Mr Packer at some stage might be a forced seller or lose interest in media assets entirely.
The Stokes raid over recent days has allowed the Seven Network mogul to effectively control any break-up by blocking Mr Packer's ability to choose his own buyer using a scheme of arrangement.
While a hostile attack by Mr Stokes cannot be ruled out, Mr Packer is seeking to demonstrate he is in control.
And he is still in a position to sit back and say that Mr Stokes's investment simply shows he is a canny investor who acknowledges the value of Packer's media assets.
mevans@smh.com.au
SMH
