packer buys in - media reports

Media reports out today are that James Packer has taken a 4.5% stake in Photon Group. Now it is a small stake and I'm not in anyway referring to any take-over activity more that it is a vote of confidence in the stock which I have previously posted as believing to have been over sold.

An extract from the article is below(article reference the AFR as the source) and I have attached a link.

"It appears two things have led Packer to dive into Photon.

The first is the recent appointment of the company's new chief executive Jeremy Philips, who formerly worked at eCorp, a company owned by the Packer family's former media holding company, Publishing & Broadcasting Limited.

Phillips, who most recently worked as senior vice president at News Corp, was appointed in May after the departure of previous chief Matthew Bailey.

The second thing that makes Photon attractive it its share price, which has fallen from just below $4 to just 95c in the last two years.

If Phillips can restore Photon to anywhere near its former glory, Packer will have got in at a very cheap price."

http://www.smartcompany.com.au/advertising-and-marketing/20100602-james-packer-grabs-stake-in-marketing-and-communications-group-photon.html