James Packer and Nine CEO in punch-up but 'still friends'

A MEDIA bidding war is underway for photographs of a punch-up between gaming billionaire James Packer and Nine's CEO David Gyngell.

The long-time friends were seen brawling on the street outside Packer's Bondi Beach pad on Sunday afternoon, News Corp reported.

Still photographs reportedly show the men wrestling before falling to the ground in a headlock.

A witness told The Australian , "it was like two mad dogs at each other's throats".

The Guardian reported the fight broke out because Packer wrongly believed a Nine news crew in a live satellite van had waited outside his home.

Gyngell went over to Packer's street to investigate and discovered a cameraman who lived on the street had left the satellite truck locked outside his home.

News reported that Gyngell engaged in a heated phone conversation just moments before Packer's car arrived at the scene, with him repeatedly saying he was "going to punch him".

When Packer's car pulled up. the two men then "just went at each other", the witness said.

Bondi resident Chris Walker wrote on Facebook: "Packer puckered a punch but copped a couple of hits straight to the jaw ... Then they all fell on the concrete fence and I think the other guy broke his face."

Gyngell and Packer released a short statement on the drama on Monday morning.

"We have been friends for 35 years and still are,'' the statement said.

"In that time we have had our fair share of ups and downs.

"We respect each other and neither of us will be commenting further.''