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Publishing & Broadcasting is in talks to sell a further 25 per cent of its Australian television and magazines empire to private equity group CVC.
PBL, which last year tipped half its media assets into a joint venture with CVC, said the discussions were not concluded and no agreements had been entered into.
PBL is controlled by James Packer, Australia's richest man, who has been diversifying away from media assets since the death of his father to focus on gaming and financial services.
PBL last year sold half of its media business - including the Nine television network, ACP Magazines and a half stake in internet site ninemsn - to CVC Asia Pacific, generating about A$3 billion in cash from the deal.
A further selldown would leave PBL with just 25 per cent of PBL Media, the joint venture set up to house the media operations.
Sydney newspapers said CVC had been pushing to increase its stake, with a deal expected as early as this week.
CVC has pulled out of a private equity consortium considering a bid for Australian retailer Coles Group, the bidders confirmed yesterday.
PBL said this month that it planned to separate the company's fast-expanding gaming and casinos operations from the media business and return A$2 billion to shareholders.
Shares in PBL closed up 1.2 per cent at A$21.22.
- REUTERS
