The original two-part show about Ita Buttrose and the birth of Cleo magazine, which aired earlier this week, was so successful in TV ratings that Nine boss David Gyngell has secured the rights to continue the story of Kerry Packer.
According to The Age, the second part of the series will continue to tell the story of media mogul Packer, who had a close relationship with Gyngell.
It is believed that the sequel will be called The Pajama Game and will look into how Packer transformed sport with his World Series cricket.
ABC's director of television Kim Dalton said: "We were very enthusiastic about the opportunity, and it would've worked very well on ABC TV. But them's the breaks.''
The ABC said that it was "thrilled" when the first episode of Paper Giants on Sunday night was the most watched show in its timeslot with 1.2 million viewers. The second instalment got an audience of 1.34 million.
Asher Keddie, who played Buttrose in the programme, was recently nominated for a Silver Logie award for her role in comedy drama Offspring.