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PBL plans sale to private equity firms

JAMES Packer’s Publishing & Broadcasting Ltd is planning to sell half of its media interests to private equity investors, following PBL board approval this week. The deal capitalises on the federal government’s changes to media ownership laws, passed through the senate last week, and would see the Nine network and ACP Magazines sold to a private equity consortium, which includes Newbridge Capital and Kohlberg Kravis Roberts. PBL would retain a 50 per cent stake in the media spin-off, which is estimated to be worth more than $3.75 billion, and would also include PBL’s interests in Foxtel and Premier Media Group, as well as ‘new media’ interests, such as internet portal ninemsn.

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