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Tabcorp Moves To Block Packer

Wednesday, 12th April 2006

Tabcorp "has sweetened its offer to rebel racing broadcaster ThoroughVisioN to shut out James Packer & end the split-picture saga, committing to pay more than $20 million a year for the rights to Sydney & Melbourne races," reported The Australian newspaper. Tabcorp "has also offered to pay about $6 million a year to fund a premium thoroughbred pay-TV channel for TVN". The compromise offer "made only days after Packer's Publishing & Broadcasting Ltd made a $25 million bid to take up a 25% stake in TVN, is believed to be close to winning support from 3 of the 4 Melbourne race clubs that jointly own 50% of TVN; however it is understood the Sydney clubs (Sydney Turf Club & Australian Jockey Club) which together own the other 50% of TVN, are leaning towards supporting the PBL offer". Packer "is expected to address the Sydney & Melbourne race clubs in separate meetings in the fortnight after Easter to outline his vision for TVN".

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