Lowy

"Stokes’s recollection is that he told Lowy, ‘With the price you want for your stations I’d be better off selling you mine.’ And he did, selling him his basket of media properties all rolled into BDC, the jewel of which was the new Perth television licence. The price of some $330 million was on condition that Stokes accept a promissory note for $190 million for a year, and Lowy give Stokes or Bendat first offer to buy back Golden West if he decided he didn’t need the regional network as much as he needed the money it was worth as a stand-alone business. The deal they struck meant Lowy would pay out the other BDC shareholders — notably Bendat (with 12 per cent) but also cashed-up Elders identities Peter Scanlon and Bob Cowper as well as members of the public. Stokes owned the lion’s share but agreed he would wait if Westpac would guarantee the money. Westpac did."

"For Lowy, the BDC deal wrapped up a national network of television and radio stations that Stokes estimates cost a total of $1.2 billion. Kerry Packer had said you get only ‘one Alan Bond in a lifetime’, but getting a temporarily dazzled Lowy wasn’t bad."