James Packer and David Gyngell will each be fined $500 by police over their very public fight in Bondi last Sunday.
The pair have not been charged – instead they have been given a community infringement notice – similar to an on-the-spot fine.
A community infringement notice can be issued for a range of offences including stealing (less than $300) – fine of $300, offensive language – fine of $150, offensive behaviour- fine of $200 and unlawful entry of a vehicle/boat – fine of $250.
The pair have up to 21 days to pay the fine or else contest it.
What prompted the fight remains unknown, however Fairfax Media reported the pair’s relationship became strained after Packer split from former wife Erica Baxter.
The men have been friends since meeting as students at elite private school Cranbrook in Bellevue Hill, Sydney.
In the past, Gyngell has said that Packer is “like a brother” to him and the friends even lived together early on in their friendship.
When Gyngell married Leila McKinnon in 2004, Packer was by his side as best man and when Packer wed now ex-wife Erica Baxter in the French Reviera in 2007, Gyngell returned the favour.
Their close relationship has even extended into the business sphere.
When Packer bought a nine per cent stake in the Ten Network in 2010 he championed Gyngell as an obvious choice to run the network. At the time, Gyngell dismissed the position as holding little appeal for him.
“It would be distracting, to say the least, to work for that board,” Gyngell said.
“This idea that I wouldn’t compete with Ten because my best mate is a shareholder is absolute bullshit. We are like brothers. But like brothers, we are very competitive. I look forward to smashing Ten.”