CMH Company History

Overview of Consolidated Media Holdings Limited

 
Consolidated Media Holdings Limited (CMH) is a media investment company, investing in key new media. 

CMH has a 25 per cent investment in Australia's leading subscription television business FOXTEL and a 50 per cent investment in subscription television content provider Premier Media Group, producer of leading sports channels including FOX SPORTS 1, FOX SPORTS 2 and FOX SPORTS 3.

HISTORY OF CMH

Prior to the demerger of PBL into Crown and CMH in November 2007, PBL was one of Australia's  largest diversified media and entertainment groups. Its market capitalisation of more than $11 billion placed it among the top 25 companies listed on the Australian Stock Exchange at the time.

The PBL group’s core businesses and investments were gaming and entertainment; with strategic investments in television production and broadcasting; magazine publishing and distribution; and key digital media and entertainment businesses.  PBL owned and operated two of Australia’s leading gaming and entertainment complexes, Crown Melbourne and Burswood in Perth.

PBL was formed in 1994 in the same year that Nine Network Australia and Australian Consolidated Press were merged. The combined businesses were renamed Publishing and Broadcasting Ltd, and the company’s Australian Stock Exchange code became PBL.

PBL merged with Crown Ltd in 1999, providing the company with its first gaming business. It acquired Burswood Ltd in 2004.

A significant expansion of the gaming business occurred in 2004 when Burswood International Resort Casino was purchased. A joint venture was also signed with a major Hong Kong listed company, Melco International Development, to pursue new gaming ventures in Asia. The first of these are being constructed in Macau.

In October 2006, PBL announced that it had entered into binding agreements to implement a recapitalisation of certain of its media interests, including ACP Magazines, Nine Network (including its interest in Sky News), its 50% interest in ninemsn and its shareholdings in myhome.com.au and carsales.com.au. These media businesses were transferred to a new company, PBL Media, in which PBL and Red Earth Holdings B.V. (Red Earth) (a special purpose vehicle incorporated in the Netherlands and owned by funds managed and advised by CVC Asia Pacific and CVC Capital Partners (collectively CVC)) each held a 50% economic interest.

The transaction was completed on 7 February 2007. As part of the completion, PBL received net cash proceeds of $4.585 billion.

In June 2007, CVC converted its notes in PBL Media into ordinary shares and units representing a 50% equity interest in PBL Media Holdings Pty Limited and the PBL Media Holdings Trust.  PBL also agreed to sell a further 25% interest in PBL Media Holdings Pty Limited (as well as its interests in Ticketek and Acer Arena) to PBL Media for a total of $725 million.

The sale of Ticketek and Acer Arena to PBL Media completed on 16 July 2007, with PBL receiving $210 million.  The sale of the further 25% in PBL Media to CVC completed on 10 September 2007, with PBL receiving $526.4 million, leaving PBL with a residual 25% interest in PBL Media.

In May 2007, PBL announced that it planned to demerge into two pure play listed entities - a gaming business (Crown) and a media business (CMH).  Following shareholder approval, this took effect on Friday 30 November 2007 and was implemented in December 2007.

PBL

CMH Company History

Overview of Consolidated Media Holdings Limited

 
Consolidated Media Holdings Limited (CMH) is a media investment company, investing in key new media. 

CMH has a 25 per cent investment in Australia's leading subscription television business FOXTEL and a 50 per cent investment in subscription television content provider Premier Media Group, producer of leading sports channels including FOX SPORTS 1, FOX SPORTS 2 and FOX SPORTS 3.

HISTORY OF CMH

Prior to the demerger of PBL into Crown and CMH in November 2007, PBL was one of Australia's  largest diversified media and entertainment groups. Its market capitalisation of more than $11 billion placed it among the top 25 companies listed on the Australian Stock Exchange at the time.

The PBL group’s core businesses and investments were gaming and entertainment; with strategic investments in television production and broadcasting; magazine publishing and distribution; and key digital media and entertainment businesses.  PBL owned and operated two of Australia’s leading gaming and entertainment complexes, Crown Melbourne and Burswood in Perth.

PBL was formed in 1994 in the same year that Nine Network Australia and Australian Consolidated Press were merged. The combined businesses were renamed Publishing and Broadcasting Ltd, and the company’s Australian Stock Exchange code became PBL.

PBL merged with Crown Ltd in 1999, providing the company with its first gaming business. It acquired Burswood Ltd in 2004.

A significant expansion of the gaming business occurred in 2004 when Burswood International Resort Casino was purchased. A joint venture was also signed with a major Hong Kong listed company, Melco International Development, to pursue new gaming ventures in Asia. The first of these are being constructed in Macau.

In October 2006, PBL announced that it had entered into binding agreements to implement a recapitalisation of certain of its media interests, including ACP Magazines, Nine Network (including its interest in Sky News), its 50% interest in ninemsn and its shareholdings in myhome.com.au and carsales.com.au. These media businesses were transferred to a new company, PBL Media, in which PBL and Red Earth Holdings B.V. (Red Earth) (a special purpose vehicle incorporated in the Netherlands and owned by funds managed and advised by CVC Asia Pacific and CVC Capital Partners (collectively CVC)) each held a 50% economic interest.

The transaction was completed on 7 February 2007. As part of the completion, PBL received net cash proceeds of $4.585 billion.

In June 2007, CVC converted its notes in PBL Media into ordinary shares and units representing a 50% equity interest in PBL Media Holdings Pty Limited and the PBL Media Holdings Trust.  PBL also agreed to sell a further 25% interest in PBL Media Holdings Pty Limited (as well as its interests in Ticketek and Acer Arena) to PBL Media for a total of $725 million.

The sale of Ticketek and Acer Arena to PBL Media completed on 16 July 2007, with PBL receiving $210 million.  The sale of the further 25% in PBL Media to CVC completed on 10 September 2007, with PBL receiving $526.4 million, leaving PBL with a residual 25% interest in PBL Media.

In May 2007, PBL announced that it planned to demerge into two pure play listed entities - a gaming business (Crown) and a media business (CMH).  Following shareholder approval, this took effect on Friday 30 November 2007 and was implemented in December 2007.