Ownership has changed over the decades. The station was first licensed to the "General Television Corporation Ltd.", a consortium of two newspapers, The Argus and The Age, together with cinema chains Hoyts, Greater Union, Sir Arthur Warner's Electronic Industries, JC William's Theatres, Cinesound Productions, and radio stations 3XY, 3UZ, 3KZ. In early 1957 The Argus was acquired by The Herald and Weekly Times Ltd, and the paper was closed on the same day that GTV-9 officially opened. The Herald in turn sold its interests in the station to Electronic Industries, later acquired by UK television manufacturer Pye, in 1960. Because of the restriction on foreign ownership of television stations, GTV-9 was then sold to Frank Packer's Australian Consolidated Press, which already owned TCN-9 in Sydney, resulting in the formation of the country's first commercially owned television network. Prior to this GTV-9 was affiliated with ATN-7 in Sydney. Son Clyde Packer ran the network for some time, until a falling out led to a handover to younger son Kerry Packer. In the 1980s the network was sold to Alan Bond, but later bought back at a much lower price.