The last time Lachlan Murdoch and James Packer got together in a business venture, they ended up suffering the twin humiliations of being cross-examined in a Sydney court and losing some A$1bn ($862m) in family and shareholders’ money.

Since the collapse of One.Tel in 2001, however, the pair – who on Monday unveiled a A$3.31bn deal to take private the listed remnants of the Packer media empire – have emerged from the shadows of their famous fathers, establishing themselves as business leaders.