Australia's PBL says reviewing all options

PBL owns a large stable of media outlets and publications.

SYDNEY - Australia's Publishing and Broadcasting Ltd (PBL) said it was reviewing all options but would not comment specifically on talk it may sell assets, including its TV network, to a private equity group.

PBL, controlled by Australia's richest man James Packer, may sell the Nine Network, ACP Magazines and online business ninemsn, with Newbridge Capital reportedly interested in the assets, the Sydney Morning Herald said today, citing market rumours.

Shares in PBL rose 2.7 per cent to A$19.95 ($23.02) early today. The stock touched a record high of A$20.08, up 21 per cent from August lows.

Investment bank UBS is believed to be advising Packer, PBL's executive chairman, the newspaper said. Packer would likely retain a stake in any company formed to buy the assets, it said.

"I think that they have a price in mind and if someone's willing to pay it then they'll see that as a good option," said Craig Shepherd, analyst at Commonwealth Securities.

"A number around A$7 billion would get them excited. The magazines are very valuable -- half of that would be magazines," he said.

PBL has been expanding its gaming operations in recent years, most recently joining a group bidding to build and run Singapore's second casino on the island of Sentosa.

The Australian Senate passed media legislation last week allowing foreign investors to buy local media companies.

- REUTERS