PBL in Talks to Shed 25 Percent Stake in Media Assets

SYDNEY, May 29: Australia’s Publishing & Broadcasting
Limited (PBL) is in talks to offload 25 percent of its television and print
assets to buyout firm CVC Asia Pacific.

The move comes just six months after PBL transferred those
assets, including Nine Network, to a 50/50 joint venture with CVC, named PBL
Media. The deal netted A$4.5 billion ($3.7 billion) for PBL. The offloading of
a 25-percent interest in PBL Media would bring in about A$400 million, reports
indicate.

PBL chief James Packer is said to be eager to divest from
some of the company’s media assets so that he can strengthen the gaming
business, which already includes Australia’s biggest casino, Crown. PBL has
already made a move to acquire casinos in Canada and is said to be eyeing a
stake in a new Las Vegas development.