James Packer will invest $450 million in 75 movies to be produced by Warner Brothers over the next four years.
It’s a big change of direction for the Australian businessman who has been focused on growing his global casino business. But Packer sees opportunities in getting into the movie business as demand for entertainment grows in China.
A Packer-backed investment vehicle, Ratpac-Dune, will help finance movies that include Grudge Match, starring Robert De Niro and Sylvester Stallone, and Gravity, starring George Clooney and Sandra Bullock.
Packer tells this Fin: “There is a real chance to grab the opportunity in China. In 10 years’ time the Chinese box office will have overtaken the United States.
He adds he would “like to see my business interests spread out evenly across the US, Australia and China.”
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