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James Packer has dropped another Consolidated Media Holdings asset, announcing the company had sold off its 27 percent stake in online job advertising group Seek.

Consolidated Media is now set to receive $440.6 million gross from the sale. Following the sale, Consolidated Media is left with just a 25 percent stake in Foxtel, a 50 percent stake in the pay TV program provider Premier Media Group and a small share in PBL Media, owner of Nine and ACP.

Packer and the chairman of Consolidated Media Holdings John Alexander both resigned from the Seek board, however Packer said in a statement that his departure has nothing to do with its management.

“I look forward to our friendships continuing for many years to come and I believe Seek will go from strength to strength over time,” he said.

The news comes just a day after Seek reported a 28 percent slump in net profit to $55.3 million for the 2008-09 financial year, down from $76.3 million on the previous year.

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Jessica Stanic

Jessica Stanic

Jessica has a background in both marketing and journalism and is dedicated to making the website the leading online resource for small to medium businesses with ambitions to grow.

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