19/10/2006
NEWS STORY
Formula One owner, CVC Capital Partners, and CVC Asia Pacific Ltd (CVC) have agreed with Publishing and Broadcasting Limited (PBL) to the establishment of Australia's largest diversified media group, PBL Media.
The transaction will involve the transfer to PBL Media of PBL's existing media properties - the Nine Network, former broadcaster of F1 in Australia, ACP Magazines and several of its interests in on-line ventures - including its 50% interest in ninemsn and 41% shareholding in carsales.com.au. PBL and private equity funds managed by CVC will each hold a 50% economic interest. PBL Media will be operated and run by existing PBL management.
Adrian MacKenzie, a Partner of CVC, said he was delighted to be involved with one of the world's great media companies. "Opportunities to invest in quality, market leading assets such as PBL Media are rare. There is terrific chemistry between PBL and CVC. I am confident that this will be a great success."