PBL shrinks its debt mountain

Tim Burrowes

December 16, 2008 3:38

PBL has managed to pull off a deal on its debt mountain. The owner of the Nine Network’s east coast stations and ACP Magazines had been facing major difficulties with debts of around $4.25bn.

But majority owner CVC has agreed to put around $335m into the company. The deal now leaves James Packer’s Consolidated Media with just a tiny holding in the company once dominated by his father Kerry Packer.

Mumbrella understands that although the debt demands will remain tough, the deal now leaves the group in good shape, with nineMSN in particular well ahead of budget.

UPDATE: In an email to staff obtained by Mumbrella, CEO Ian Law dismisses the issue as “background noise”. He says:

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Tim Burrowes

Tim Burrowes is the publisher of Mumbrella and Unmade. He co-founded Mumbrella in 2008 and sister title Unmade in 2021. He's worked in the UK, Middle East, Asia & Australia and has specialised in writing about the communications world for the last 25 years. He wrote the book Media Unmade, published in 2021, and became the presenter of MediaLand on ABC Radio National in 2025.