Australian-Media.com.au News

• Packer sells Nine to CVC

  June 1 2007 12:15pm (UTC+8)  -  Article by cartman

  James Packer has sold another 25% of PBL Media to private equity partner CVC Asia Pacific in a move which gives CVC full control of the Nine television network. Mr Packer said the sale of the additional 25% was part of a broader reallocation of capital within PBL.
  
  CVC has agreed to pay $515 million for the additional 25% share in PBL Media which takes CVC's owerall ownership in the company to 75% with PBL retaining the remaining 25% share.
  
  Mr Adrian MacKenzie, Partner of CVC, said he was delighted to acquire an additional 25% of PBL Media on similar terms as the initial purchase of the 50% interest in PBL Media.
  
  "We believe PBL Media has world class media assets including the Nine Network Australia and NBN Television, ACP Magazines, and interests in carsales, ninemsn, myhome and the Australian News Channel (Sky News)".
  
  James Packer and John Alexander will remain on the board of PBL Media. Settlement is anticipated to occur, subject to FIRB approval, sometime in July.
  
  PBL has also sold 100% of its Ticketek and Acer Arena interests to PBL Media for a total of $725 million.
  
  Australian-Media.com.au