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Media baron rivalries dissolved yesterday as the two former scions of the Packer and Murdoch empires - Lachlan and James - revealed they plan to own equal shares of Consolidated Media Holdings.
CMH owns 25 per cent stakes in Foxtel, Australia's biggest pay television service, and PBL Media, which owns ACP - Australia and New Zealand's largest magazine publisher - and the Nine Network.
In New Zealand ACP controls about 40 per cent of the magazine sector and publishes magazines such as Woman's Day and Metro.
During the 1980s and 1990s media baron fathers Rupert Murdoch and Kerry Packer were ambitious rivals.
Tensions between the families grew in 1995, when the Murdochs tried to steal rugby league from the Packers by creating Super League as a rival to the Nine Network's ARL.
But the two sons remained friends.
When Jamie Packer married model and singer Erica Baxter last year in a private ceremony in France, Lachlan Murdoch was there with his wife Sarah and so was his father and his wife Wendi.
Since Kerry died in 2006, James Packer has retreated from media to focus on gambling and in 2005 Lachlan Murdoch stepped aside from his role as heir apparent to his father's empire.
Murdoch family interests in New Zealand are focused on News Corp's 41 per cent stake in Sky TV.
Though still a director of News Corp, Lachlan bought into a 50 per cent stake on CMH in his own right through a fund.
James Packer - Australia's richest man - owns 38 per cent of CMH.
Under a scheme arrangement that will be offered to investors next year he will increase his stake to 50 per cent with Murdoch owning the other half, the Australian newspaper reported yesterday.
CMH also owns a 50 per cent stake in Fox Sports channel and 27 per cent of online recruitment firm Seek.
JAMES PACKER
* Age 40
* Son of media tycoon Kerry Packer
* Lost A$375 million on the disastrous mobile phone company OneTel in 2001
* Australia's richest man. He inherited a A$7 billion media and gambling
empire in 2005
* Married model and singer Erica Baxter in a private ceremony in France last year
LACHLAN MURDOCH
* Age 36
* Eldest son of media tycoon Rupert Murdoch
* In 2005 he surprised the financial world by announcing he would leave News Corp after 11 years
* Last year was given $150 million of shares by his father
* Lives in Sydney with wife Sarah O'Hare and children Kalan and Aidan Sons put end to old rivalry
