James Packer’s sell down of his international assets has continued with the Australian gaming mogul offloading his stake in RatPac Entertainment – the California-based film, TV and documentary business he founded with Hollywood director Brett Ratner in 2013.
Packer’s interests have been acquired by investor Len Blavatnik and his holding company Access Industries for an undisclosed sum. It makes Packer the second major stakeholder to exit the business after new US Secretary of Treasury Steve Mnuchin was forced to divest his stake when confirmed as part of President Donald Trump’s administration.
The name RatPac came from a merging of Ratner and Packer’s surnames and, appropriately, their office was run from a Warner Bros studio lot that Frank Sinatra once called home.
However, Packer has spent much of the past year selling off assets, with Crown Resorts’ stake in Melco Resorts down to 11.2% from 34% last May. Crown Resorts has also decided not to pursue its Alon project in Las Vegas.
Warner Bros Chairman and CEO Kevin Tsujihara said, “I’d like to thank James — he’s been a terrific partner the last three years, having worked with us on a number of key films, including Batman V Superman, Suicide Squad and The LEGO Batman Movie.”
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