Company History

Overview

CMH is a media investment company, investing in key new and traditional media.  CMH has a strategic portfolio of leading media businesses, including:

  • 25% of Australia's leading subscription television business, FOXTEL;
  • 50% of subscription television content provider The Premier Media Group, producer of leading sports channels FOX SPORTS 1, FOX SPORTS 2 and FOX SPORTS 3;
  • 26.7% of the nation’s number one online employment business, SEEK; and
  • 25% ordinary shareholding in PBL Media (comprising ACP Magazines, the Nine Network, NBN, Ticketek, Acer Arena, a 33.33% interest in Sky News, a 50% interest in ninemsn and a shareholding in carsales).

History

On 23 November 2007, PBL shareholders approved a number of resolutions to give effect to the Recommended Proposal to split PBL into two publicly listed companies: a gaming business (Crown) and a media business (CMH). 

Prior to this, PBL was one of Australia's  largest diversified media and entertainment groups. Its market capitalisation of more than $11 billion places it among the top 25 companies listed on the Australian Stock Exchange.

The 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.

Publishing and Broadcasting Ltd 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.

On 18 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 will be 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)) will each hold 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.

PBL

Company History

Overview

CMH is a media investment company, investing in key new and traditional media.  CMH has a strategic portfolio of leading media businesses, including:

  • 25% of Australia's leading subscription television business, FOXTEL;
  • 50% of subscription television content provider The Premier Media Group, producer of leading sports channels FOX SPORTS 1, FOX SPORTS 2 and FOX SPORTS 3;
  • 26.7% of the nation’s number one online employment business, SEEK; and
  • 25% ordinary shareholding in PBL Media (comprising ACP Magazines, the Nine Network, NBN, Ticketek, Acer Arena, a 33.33% interest in Sky News, a 50% interest in ninemsn and a shareholding in carsales).

History

On 23 November 2007, PBL shareholders approved a number of resolutions to give effect to the Recommended Proposal to split PBL into two publicly listed companies: a gaming business (Crown) and a media business (CMH). 

Prior to this, PBL was one of Australia's  largest diversified media and entertainment groups. Its market capitalisation of more than $11 billion places it among the top 25 companies listed on the Australian Stock Exchange.

The 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.

Publishing and Broadcasting Ltd 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.

On 18 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 will be 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)) will each hold 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.