PBL sells 25% stake in PBL Media to CVC Tim Addington
Publishing and Broadcasting Limited has sold a further 25% stake in its PBL Media business to private equity firm CVC for $515m as well as selling its Ticketek and Acer Arena interests to PBL Media for $210m.
The news comes after PBL confirmed on Tuesday that it was in talk with both CVC Asia Pacific and CVC Capital about the sale.
PBL Media sold half of its interests in the Nine Network, ACP Magazines and internet portal ninemsn to the two equity companies in October last year for $4.5bn.
The latest sale means that CVC now has 75% ownership of PBL Media, with PBL holding a 25% share.
The deal is expected to be finalised in July subject to approvals.
James Packer, executive chairman of PBL said the sale of an additional 25% was part of a broader reallocation of capital within PBL.
“The partnership with CVC has been working well and both John Alexander and I will be continuing on the board of PBL Media.”
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.
“The PBL Media business has a proven management team led by its chief executive officer, Ian Law. We believe there are a number of exciting initiatives to add value to the business,” MacKenzie added.
Law said the Ticketek business was a logical fit with the media properties in PBL Media.
“We believe Ticketek has a robust future and that the company will benefit from being part of an integrated business like PBL Media,” he said.
“The marketing and distribution strength of Ticketek is enhanced by the support of the various media properties within PBL Media – including the Nine Network Australia, ACP Magazines and ninemsn.
“We think this combination of a national Ticketek network and an integrated media solution will deliver higher returns to venue clients and their hirers, and further strengthen Ticketek’s position,” Law added.
