James Packer's Consolidated Media Holdings has announced it will sell its stake in online classifieds group Seek for just over $440 million.
Packer has resigned as chairman of Seek while Consolidated Media executive John Alexander will also leave the Seek board.
The stake has been sold to institutional investors, with the sales expected to be completed by September 1.
Packer paid tribute to Seek's founders, Andrew and Paul Bassatt.
"Paul and Andrew Bassat are two of the smartest, most decent, and honourable people I
have had the pleasure of knowing and working with," he said in a statement.
"I look forward to our friendships continuing for many years to come, and I believe Seek will go from strength to strength over time."
The exact reason for the sale of the Seek stake has not been revealed.
Yesterday, the company reported a 28% decline in net profit for 2008-09 to $55.3 million, although revenue only declined by 1% in the face of a global employment downturn.
Seek has been a brilliant investment for the Packer family, who bought 25% of the then-private company for around $33 million in August 2003.
The online firm listed in April 2005 with an issue price of $2.10, valuing the stake held by Consolidated Media (then part of Publishing & Broadcasting Limited) at $150 million.
In six years, Consolidated Media has increased the value of its original investment 13 times.
Packer may be building a war chest to defend Consolidated Media against a possible takeover from Kerry Stokes' Seven Network, which grabbed a 20% stake in the company late last month, sparking speculation that Stokes could launch a full takeover.
