Packer to retreat from traditional media
James Packer's Publishing and Broadcasting Limited (PBL) confirmed today that it is in discussions with buy-out firm CVC Asia Pacific to sell a further 25% of PBL Media; but no agreement has yet been reached. Six months ago, PBL formed joint venture PBL Media with CVC when it sold half of its free-to-air television assets, magazines and an internet portal.
Mr Packer, Australia's richest man, is looking to move away from traditional media and expand further into the more profitable casinos buisness. As we reported earlier this month, PBL is to split into two separate companies: Consolidated Media Holdings (CMH) and gaming operation Crown.
Commenting on the move, Sydney-based
Traditional media is a low-growth business in Australia, as in the UK and, of course, he [Mr Packer] is interested in selling down those assets to achieve a much higher PE valuation for his gambling and internet investments.
There are no comments for this entry.
[Add Comment]