KEY POINTS:
Publishing and Broadcasting (PBL) shareholders have cleared the way for a demerger of the company's media and gaming assets.
PBL's gaming and media assets will be split into two separately listed companies, with Crown holding the gaming assets and Consolidated Media Holdings having the media assets.
At PBL's annual general meeting yesterday shareholders voted overwhelmingly in favour of a number of resolutions, including one to provide financial assistance to Crown to facilitate the split.
Under that resolution, PBL and its subsidiaries will provide financial assistance to Crown to buy PBL shares, as part of the demerger process.
And under a demerger scheme advisory resolution, Crown shareholders were asked to vote in favourof demerging the media assetsfrom Crown into ConsolidatedMedia.
Both resolutions received overwhelming support.
PBL executive chairman James Packer said yesterday that PBL believed shareholders would gain greater benefits and investment choice in a "pure play" gaming business and a new media business.
"It is our view that this will drive shareholder value."
- AAP
