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Media overhaul in CVC game plan

PRIVATE equity group CVC Asia Pacific yesterday converted its option over a 50 per cent stake in PBL Media, assuming formal control of the venture, but the firm remains on the prowl for big, opportunistic investments.

Michael Sainsbury and Nick Tabakoff

Faceless man now ready to face cameras

THE man who now controls the purse strings at Australia’s second biggest media empire says he is not the new James Packer and will operate as an institutional investor, not a media proprietor.

Nick Tabakoff and Michael Sainsbury

Austar sits tight, predators circle

REGIONAL pay-TV operator Austar said yesterday it was yet to receive an offer that warranted the sale of the company to takeover predators, in the wake of last month’s decision by its US majority owner, John Malone’s Liberty Global, to walk away from discussions with Foxtel.

Profits beat popularity for the new Eddie

EDDIE McGuire last week said it was because he did not want to be an “accountant”, but there was an even simpler reason he had to depart as the Nine Network’s chief executive: he wanted to be popular.

More to come in PBL restructure

THIS month’s split of PBL into two businesses may not end the restructuring of the Packer media interests, with expectations of more activity in the private equity joint venture with CVC Capital Partners.

Striking Fairfax workers risk fines

STAFF at the Sydney operations of Fairfax Media, including The Sydney Morning Herald and The Sun-Herald, face fines totalling $1.5million after last night launching indefinite strike action in defence of up to 35 production workers who will be made redundant under a company reorganisation.

Nick Tabakoff and Sarah Elks

PBL two-way split to unlock billions

A PLAN to split James Packer’s PBL empire into two listed vehicles is expected to unlock billions of dollars of value in its media and casino assets.

News exits Fairfax, pre-merger

NEWS Corporation has sold its 7.5 per cent stake in Fairfax Media to a large group of institutions, just two days before the merger between Fairfax and Rural Press formally proceeds.

News Corp sells out of Fairfax

News Corp has sold the 7.5 per cent stake in Fairfax Media it acquired in October last year. The company sold its 75 million shares in Fairfax at $5.07 per share, a fact confirmed by both parties this morning.

Gordon to take war to Adelaide

BRUCE Gordon’s WIN Corporation is set to take its bidding war with PBL Media to round three in Adelaide, after it yesterday lobbed what it hopes is a knockout bid in excess of $200 million for the NBN Television network, which is also coveted by the Nine network.