Packer hoses down Fairfax speculation

James Packer

SYDNEY - Publishing and Broadcasting boss James Packer says his company has "minimal interest" in rival media company John Fairfax Holdings.

As major media companies position themselves to be ready for the federal Government's new media laws to be introduced next year, Fairfax has been touted as a prime target of PBL.

The new laws will allow proprietors to own two of three media platforms - TV, radio and print - in the same city.

Packer hosed down speculation PBL would look to acquire part or all of Fairfax once the laws come into effect.

"We have been free under existing laws to buy 15 per cent of Fairfax for the last 20 years and we own no shares in Fairfax," Packer told PBL's annual general meeting.

"We keep on saying to people that we have very minimal interest in Fairfax."

He said PBL believed Fairfax's classifieds were "under attack and under threat" and that PBL was focused on winning the classified categories that Fairfax used to hold dominant positions in.

"I think that we've done that to a significant extent," he said.

Packer last week announced a A$4.5 billion ($5.2 billion) spin-off of PBL's media assets, including the Nine television network.

PBL will retain a 50 per cent interest in PBL Media, which will be jointly owned with private equity group CVC Asia Pacific.

Fairfax chief executive David Kirk last week dismissed suggestions the publisher would be more valuable if it was broken up, after Rupert Murdoch's News Corp bought a 7.5 per cent stake.

- AAP