Sydney- The Packer dynasty’s reign in Australian media is over. James Packer has stepped down as chairman of PBL Media, owner of the eastern States Nine Network and ACP magazines, after the Packer-controlled PBL reduced its stake in the company from 50% to 25%, ceding control to its joint venture partner CVC Asia Pacific. CVC partner Adrian MacKenzie is expected to become chairman of PBL Media, with the Packer-appointed Ian Law continuing as Chief Executive. Packer will remain on the PBL Media board. PBL sold the 25% stake to CVC for A$515 million (US$426 million). PBL also agreed to sell its interests in online ticketing business Ticketek and Sydney sports stadium Acer Arena to PBL Media for $172 million. PBL, which plans to split into separate gaming and media companies, tipped half its media assets into the joint venture with CVC last year. PBL’s remaining media interests are a 25% stake in pay-TV group Foxtel, 50% of Premier Media Group, which owns Fox Sports, and employment web site Seek.