THE surfwear and streetwear company Billabong International has snapped up the Tigerlily swimwear and clothing business from Jodhi Meares, the former wife of James Packer.

Billabong, which has a market capitalisation of $3 billion, has not revealed how much it paid for the operation but it said the acquisition would be earnings per share positive in the first year.

However, market sources said Ms Meares would be paid between $3 million and $5 million for the company she built up over the past nine years.

Continue reading about Billabong’s take-over of Tigerlily

James Packer’s Publishing and Broadcasting Ltd (PBL) has sold a further 25 per cent stake in PBL Media Holdings - which owns the Nine Network and magazine businesses - to its joint venture partner, CVC, for $515 million.

Read more at SMH.

PBL, run by Australia’s richest man, James Packer has split into two separate companies -gaming and media. The gaming company, called Crown will house the Crown Casino, Burwood Casino and PBL’s 41.4% in Melco PBL Entertainment Ltd. Consolidated Media Holdings is the name of the media company, which will host: Channel 9, ACP Magazines, Ticketek and the internet businesses. Each business will be run seperately with its own board.

Insiders suggested that James Packer is trying to disengage from the media side of the business to concentrate on the gaming interests.