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PBL buys Nine Perth

NINE Network owner PBL Media Pty Ltd has agreed to buy its loss-making local affiliate, Channel Nine Perth, for $136.4 million. Channel Nine Perth is currently a wholly-owned subsidiary of listed company Sunraysia Television Ltd, whose chairman and major shareholder is Eva Presser.The sale follows a string of bad news for Sunraysia, which has been adversely affected by falling advertsing revenue. It announced in January that revenue would fall by about 12 per cent to $44.7 million and it expected to post a loss for the half-year to December 2006. That followed a $3.1 million loss in the year to June 2005, which it attributed to a loss of market share, a downturn in advertising and losses incurred in broadcasting the Commonwealth Games and AFL games.

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