Kerry Packer, the Australian media magnate, has died, unexpectedly, aged 68. Mr Packer was the country’s richest man with an estimated fortune of $4.5bn.

His death, on Boxing Day, leaves his son James poised to replace him at the helm of the Publishing and Broadcasting Ltd group. PBL owns the Channel 9 TV station in Australia, the majority of the magazines published in the country, significant gambling interests, and internet and financial related businesses.