James Packer has sold out of the Hollywood film company RatPac Entertainment which he created in 2013 with producer-director Brett Ratner.
Packer offloaded his stake, which was owned by his private Consolidated Press Holdings company, to another billionaire, US businessman Len Blavatnik.
Ratner will retain his interest in RatPac Entertainment, continue as chief executive and become co-chairman.
RatPac aligned itself with another company, Dune Entertainment, and they signed a four-year, $450m deal with Warner Bros to fund as many as 75 of the studio’s films.