Packer's business empire included media and the gaming industry

Packer's Publishing and Broadcasting Ltd (PBL) is the firm behind both the Nine Network TV station and magazines like Australian Women's Weekly.

Forbes magazine valued him at US$5bn (4.2bn euros) this year.

Packer, an avid sports fan, became known to the wider world when he founded World Series Cricket in 1977.

As well as Nine Network and the Australian Consolidated Press, PBL owns Melbourne's Crown Casino and has been developing casinos in the Chinese territory of Macau.

The exact cause of his death is not yet clear but he had suffered health problems including a battle with cancer, and had had a kidney transplant.

"He died peacefully at home with his family at his bedside," a statement from his family said.

Packer is considered to be the person who transformed sport on television, especially cricket, the BBC's Phil Mercer reports from Sydney.

In the late 1970s, he took on the cricket establishment and signed up the world's best players under the World Series banner.

Packer's business interests also allowed him to follow his other passions, which were gambling and horse racing, our correspondent adds.

He is survived by his wife and children, James and Gretel.