Nine Network boss David Gyngell has taken the blame for starting a Bondi brawl with James Packer, which is now being investigated by police.
The Nine Network broadcast a statement regarding the stoush on Tuesday.
"David Gyngell respects the job police do and will co-operate fully with their investigation," the statement said.
"He also fully accepts that he was the instigator of the incident.
"Clearly had he not turned up at Packer's premises in an angry mood, then the confrontation would never have occurred."
It comes as police said they were investigating the brawl between the boyhood friends, which took place outside Mr Packer's Bondi Beach home on Sunday afternoon.
There has been no official complaint about the fight, which was caught on video and cameras and splashed across News Corp Australia's newspapers.
Police do not necessarily need a formal complaint to investigate an act of violence, but may need the victim's consent to prosecute a case, depending on the charge or charges that could be laid.
According to News Corp, an angry text message from casino mogul Mr Packer to Mr Gyngell demanding he remove a Nine Network news truck from outside his home sparked the fight.
Mr Packer had recently arrived back in Sydney from Jerusalem and Mr Gyngell is heard yelling in a video of the incident: "I didn't even know you were in f---ing Australia."
Mr Packer was seen on Tuesday with bruising around one eye.
Chris Walker, who is Mr Packer's neighbour, said the fight followed a telephone exchange between the pair.
"There was no hesitation between either of them," he told Austereo's 2Day FM.
"Mr Gyngell recognises Packer, Packer recognises him ... that fight was premeditated because the phone call was saying, 'I'm going to knock your block off'."
Mr Walker described the two old pals as fighting like "two crazy dogs".