But BJF, that 200 million (EBIT, not net) is Foxtel, in which Lachlan Murdoch has no interest. Packer only owns 25% of Foxtel through CH. The largest shareholder is Telstra. So at best Packer picked up 50 million from FT last year, and that is unlikely, because they would not have paid $200m as a dividend.
The differences are not slight btw. Telstra being a huge player in FT is extremely significant.
Even with that the Packer thing has a little merit.
Its not same same, Lachlan plays his own game. OneTel was an example of that.
But again, much of the talk at the time was to focus the digital channels on news assets.
You don't spend what you have on an asset like Ten to then just throw it down the tube when any other competitor can walk into your space. Channel 9 could have turned GEM into an all sports channel at any time, bought content etc and gone for it. One was no threat to FoxSports primacy.