PBL is shifting its media assets into a new joint venture with CVC Asia Pacific. Backed by Citigroup, CVC paid $3.42 billion for its share of half the new PBL Media company. PBL Media will control the Nine TV network, Australian Consolidated Press magazine business and websites ninemsn and carsales.com.au, though the 25 percent stake in Foxtel and in recruitment ad site Seek are not being moved to the new company.
Both PBL and CVC are likely to look for more acquisitions in Australia after the government relaxed rules on media ownership there next year. While PBL plans to focus on its gaming businesses, PBL Media could be looking at a series of multi billion-dollar deals including a possible $3.8 billion acquisition of newspaper publisher John Fairfax Holdings. Both PBL and CVC may also look at acquisitions overseas including Europe and Asia.
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