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James Packer, Australia's richest man, is in talks to sell more of his Nine television network and magazines to buyout firm CVC Asia Pacific, giving up control of the media empire his father built to focus on gaming.

 

Packer's Publishing & Broadcasting Ltd may sell a further 25 percent stake in PBL Media to CVC, the Sydney-based company said in a one-paragraph statement yesterday. No agreement has been reached.

 

A sale may give the 39-year-old more money to fund his global gaming expansion. He's been involved in more than US$1.5 billion of casino acquisitions in North America since agreeing to sell his media unit into the venture with CVC in October for A$4.5 billion (US$3.7 billion). This month he opened the first of three casinos in Macau, and announced plans to spin off Publishing & Broadcasting's gaming division.

 

"Packer is freeing up capital so that he can grow the gaming side of the business," said Jason Teh, who helps manage about US$4.3 billion at Investors Mutual Ltd in Sydney. "He's a lot more keen on the gaming business than the company's traditional media operations."

 

Publishing & Broadcasting shares rose 26 cents, or 1.2 percent, to close at A$21.22 yesterday in Sydney. The stock has gained 6.9 percent since Packer first agreed to sell the media assets on October 18.

 

Nine, which aired Australia's first television show in 1956, was Kerry Packer's most-prized asset. He turned it into Australia's top-ranked channel by signing up stars and starting his own cricket competition with the world's top players after being rebuffed in an attempt to buy broadcast rights.

 

Today, the network is in danger of losing its title as the nation's most watched to Seven Network Ltd, which has won viewers with the American drama "Desperate Housewives" and celebrity talent quest "Dancing With the Stars."

 

Packer, whose Crown casino is the biggest in Australia, last month teamed with Macquarie Bank Ltd, the country's largest securities firm, to bid US$1.3 billion for nine casinos in Canada.

 

He also agreed to buy a 19.6 percent stake in Fontainebleau Resorts LLC for US$250 million, gaining his first holding in a Las Vegas casino development.

 

His venture with Lawrence Ho, the son of Macau billionaire Stanley Ho, opened its first casino in the former Portuguese colony this month. Melco PBL Entertainment (Macau) Ltd is building two more venues in the city that overtook the Las Vegas Strip in gaming revenue last year.

 

Earlier this month, Publishing & Broadcasting announced plans to split into separate gaming and media companies. Packer's family company, Consolidated Press Holdings Ltd, which owns 37 percent of Publishing & Broadcasting, will keep the same level of interest in the two new companies.

 

If a deal is reached with CVC, the media company, to be named Consolidated Media Holdings, will own 25 percent of PBL Media.

 

 

(Shanghai Daily May 29, 2007)