Melbourne – Consolidated Media’s James Packer and chairman John Alexander have stepped down from the board of PBL Media – which owns the Nine TV networks and ACP Magazines. Consolidated Media has a 25 per cent share of PBL Media, which according to Alexander, is carrying A$4.2 billion in debt, estimating its annual debt bill at A$450 million. Packer and Alexander will be succeeded on the board of PBL Media by Andrew Cummins and Ben Hawter. 2007 saw CVC Asia Pacific take a 50 per cent stake in PBL Media, in a deal worth A$4.6 billion (US$2.9 billion). CVC’s stake has since increased to 75 per cent. Reports say James Packer has increasingly focused on the family’s casino business, Crown Ltd., since his father Kerry’s death in 2005.
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