Australian media mogul Kerry Packer has died at the age of 68.

The country's richest man, he founded the publicly-listed Publishing and Broadcasting Ltd (PBL) through his company, Consolidated Press Holdings (CPH). PBL's assets include the Nine Network - which Packer famously sold in 1987 for A$1bn before reclaiming control of it three years later with no cash changing hands - and a range of print publications.

Packer was estimated to be Australia's richest man with a wealth valued to be in the region of A$7bn.

Tributes have poured in since the news of his death was made public.

Australian Prime Minister John Howard said that Packer was "a great Australian" and "a larger than life character."

In a statement, Rupert Murdoch said: "Kerry was one of the most successful businessmen of his generation. As a broadcaster, he had an uncanny knack of knowing what people across the country were thinking. This finely-tuned antennae made him one of the best media proprietors and broadcasters this country has seen."

Calling Packer "a bloke who loved television," the head of Nine Network, Mark Llewellyn, said: "We've lost a great man... He loved his network and he was a top Australian."

Packer died peacefully at his home with his family at his bedside.