It has taken James Packer just a year and a half to cede control of Australia’s longest standing family-controlled media empire.

On Friday, Mr Packer sold 25 per cent more of a media joint venture formed last year with CVC Asia Pacific, raising the private equity firm’s holding to 75 per cent. The transaction increased to more than A$5bn ($4.1bn) the amount raised by Mr Packer from selling media assets since his father’s death on Boxing Day 2005, most of which has been reinvested in casinos.