Gambling billionaire James Packer and Channel Nine boss David Gyngell have been fined $500 over their public brawl at Bondi.

Police say they have issued two Criminal Infringement Notices for offensive behaviour following the fight in Sydney's east over the weekend.

The penalty notice carries a fine of $500 if it goes uncontested by the recipient.

Mr Packer and Mr Gyngell, longtime friends, came to blows outside Mr Packer's Bondi apartment on Sunday afternoon.

While the source of the dispute was not clear, dozens of photographs were published revealing the full extent of the fight.

News Corp later released footage of the fracas, which showed Mr Packer being dragged off the top of Mr Gyngell by men thought to be security guards.

Earlier this week, Mr Gyngell accepted full responsibility for the fight, and said he would cooperate with any police investigation.

However, neither he nor Mr Packer wanted to lay charges.

On Wednesday, police said they were looking at whether a charge of assault or affray was appropriate, opting instead to send both men the infringement notice.

The industry heavyweights, who were best men at each other's weddings, issued a three-line joint statement after their public punch-up, saying that they remained "friends".

"We have been friends for 35 years and still are," the statement released via Channel Nine read.

"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."

7news