Editing Kerry Packer (section)

===Alan Bond media buyback===
In 1987, Packer made a fortune at the expense of disgraced tycoon [[Alan Bond (businessman)|Alan Bond]]. He reportedly sold Bond the [[Nine Network]] at the record price of {{A$|1.05&nbsp;billion}} in 1987, and then bought it back three years later for a mere A$250&nbsp;million, when Bond's empire was collapsing. Packer later quipped, "You only get one Alan Bond in your lifetime, and I've had mine".<ref name="Age-obit">{{cite news |work=[[The Age]] |date=28 December 2005 |page=7 |title=Kerry Francis Bullmore Packer 1937–2005 |url=http://www.theage.com.au/articles/2005/12/27/1135445572500.html?page=fullpage#contentSwap1 |access-date=27 April 2011 |location=Melbourne}}</ref> Packer was then able to reinvest the proceeds in a 25% share in the [[Foxtel]] [[pay TV]] consortium.

After the sale to Bond, Packer said that he had regretted the decision to sell Nine and wished he had not gone through with the transaction. At the 2006 PBL [[Annual General Meeting|AGM]], Kerry's son, James, told of the true complexities of the deal. Kerry Packer received A$800&nbsp;million in cash, with A$250&nbsp;million left in Bond Media as [[subordinated debt]]. As Bond went under, Packer converted the subordinated debt into a 37% stake in Bond Media. About A$500&nbsp;million of debt remained in Bond Media. Packer received $800&nbsp;million in cash before receiving a free 37% equity stake that put a debt-included value of A$500&nbsp;million on the Nine Network, which by then included Channel Nine in Brisbane.<ref>{{cite news |first=Stephen |last=Mayne |author-link=Stephen Mayne |title=Packer explodes Alan Bond myth |date=27 October 2006 |access-date=27 October 2006 |work=[[Crikey]] |publisher=Private Media Pty Ltd |url=http://www.crikey.com.au/Business/20061027-Packer-explodes-a-myth-media-refuses-to-report.html |url-status=dead | archive-url=https://web.archive.org/web/20061108223656/http://www.crikey.com.au/Business/20061027-Packer-explodes-a-myth-media-refuses-to-report.html |archive-date=8 November 2006}}</ref>