MELBOURNE: Australian billionaire James Packer has hired UBS to sell his 25% stake in pay TV operator Foxtel, worth about US$1bil, raising speculation he may bid for casino group Echo Entertainment and its prize asset, Sydney's Star casino.
Packer, who has stakes in casinos in Australia, London, Macau and Las Vegas, has mandated UBS to sell his 50.1% holding in Consolidated Media Holdings, which holds the Foxtel stake as well as content-provider Fox Sports, a source said yesterday.
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