Kerry Stokes, Rupert Murdoch, and Kerry Packer (Images: AAP)

The Australian printing and magazine business has been a plaything of various billionaires over the years, from the Murdochs to the Packers to Kerry Stokes and the lesser known Hannan family. Yesterday ASX-listed company Ovato, formerly known as PMP, threw in the towel, appointing FTI as administrators.

It has been a controversial 21-year ride as a public company for PMP-Ovato but ultimately News Corp walked away with more than $1 billion funded by independent shareholders who have now lost the lot.

There have also been ethical questions for the Hannan family, particularly after it orchestrated a 2016 merger with PMP which transferred large redundancy liabilities into a less well capitalised public company while retaining private control of the property holdings in its print empire.