Sydney—Shareholders of Publishing and Broadcasting Limited at a meeting on Nov. 23 are expected to approve the board’s proposal to split the company into separate gaming and media businesses. For each PBL share, investors stand to collect one share in Crown (which has gaming assets in Australia, Macau, the US and the UK) and one in Consolidated Media Holdings (which has 25% stakes in the Nine Network and Foxtel and holdings in ACP magazines, Fox Sports and job website Seek), plus $A3 in cash. Executive Chairman James Packer, the largest PBL shareholder, will reap about $A785 million ($US700 million) if the deal is approved. That would also signal the end of PBL, the media empire amassed by his late father Kerry Packer. “Two separately listed companies will allow shareholders greater investment choice and provide the most efficient structure for both companies to grow,” James Packer told shareholders. Trading of Crown and CMH shares will start on Dec. 17 if the demerger succeeds.