AVCJ

CVC denies PBL Media will launch IPO in March

  • Anita Davis
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CVC Capital Partners Asia Pacific has denied reports that it is looking to launch investee PBL Media on the public markets in March of next year, though representatives from the firm told AVCJ that they do not rule out an IPO in the future.

The Australian Financial Review was the first to report that CVC planned on a market IPO for PBL, which owns Nine Network Australia, ACP Magazines, Ticketek, Acer Arena and majority interests in carsales.com, in addition to having a 50% stake in major Australian media provider ninemsn. However, a source close to CVC told AVCJ that reports pegging PBL's IPO in March are incorrect. "There is every possibility of the listing of the business in the future, but there are no definite plans, and certainly no dates set," the source said.

Initial reports suggested that PBL's market debut could earn it more than A$5 billion ($5.02 billion). CVC first invested in PBL in 2006 via a 50/50 joint venture with Consolidated Media Holdings. In late 2007, CVC bought an additional 25% stake in PBL for approximately $A530 million, giving it majority control. Earlier this week, PBL had announced the appointment David Gyngell, former head of Nine Network, as its CEO following Ian Law's resignation.

 

 

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