Sydney- James Packer has stepped down as chairman of PBL Media, owner of the Nine network and ACP magazines, after the Packer-controlled PBL reduced its stake from 50% to 25%, ceding control to its joint venture partner CVC Asia Pacific. CVC partner Adrian MacKenzie becomes 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 A$210 million, so total return to PBL is A$725 million. PBL, which plans to split into separate gaming and media companies, tipped half its media assets into a joint venture with CVC last year. PBL’s remaining media interests now are a 25% stake in pay-TV group Foxtel, 50% of Premier Media Group, which owns Fox Sports, and employment web site Seek.