Packer Joint Venture Buys Oz TV Network

03 May 2007

NEWCASTLE, Australia: SP Telemedia is to sell TV unit NBN to PBL Media for A$250 million (US$201.17m; €152.33m; £103.62m). The network covers urban New South Wales, one of the nation's fastest-growing regional markets.

PBL Media is jointly owned by James Packer's Publishing and Broadcasting media and gambling conglomerate and private equity group CVC Asia Pacific.

The acquisition is among a flurry of done (or imminent) deals following the Australian govern-ment's recent relaxation of media ownership rules.

Data sourced from Financial Times; additional content by WARC staff