Publishing and Broadcasting Limited
| Company type | Public company |
|---|---|
| Industry | Media, Gambling |
| Founded | 1983 |
| Founder | Packer family |
| Defunct | 2007 |
| Fate | Demerged; gambling operations spun off as Crown Limited; rebranded as Consolidated Media Holdings; acquired by News Limited in 2012 |
| Headquarters | Sydney , Australia |
Area served | Australia, New Zealand, Macau, India (former) |
Key people | Frank Packer, Kerry Packer, James Packer |
| Products | Television broadcasting (Nine Network), Publishing (Australian Consolidated Press), Casinos (Crown Casino, Burswood Casino), Film production (Nine Films and Television), Online services (ecorp) |
Publishing and Broadcasting Limited (PBL) was among the largest Australian corporations, with a primary focus on media and gambling sectors, predominantly under the control of the Packer family throughout its history.
Origins
PBL's roots trace back to Australian Consolidated Press (ACP), established by media tycoon Frank Packer, who inherited the media empire from his father, Robert Clyde Packer. In 1936, ACP combined forces with Sydney Newspapers and Associated Newspapers to create Australian Consolidated Press. Frank Packer remained chairman of ACP until his passing in 1974, after which leadership transferred to his son, Kerry Packer.
With the advent of television in Australia during the 1950s, ACP obtained a broadcasting license in Sydney. Its station, TCN-9 Sydney, became the nation's inaugural TV channel when it launched in 1956. By 1960, ACP had also acquired GTV-9 Melbourne, forming Australia's first television network known initially as the National Television Network, which later evolved into the National Nine Network.
In 1987, Kerry Packer sold the Nine Network to Alan Bond for $1 billion. Bond expanded the network by adding QTQ-9 Brisbane and STW-9 Perth. However, Packer repurchased the network in 1990 for half of the original sale amount.
Establishment
Publishing and Broadcasting Limited (PBL) was created in 1994 to serve as a holding entity for both Nine Network and Australian Consolidated Press. That same year, PBL launched Nine Films and Television, its internal production division.
During the late 1990s, PBL suffered considerable financial setbacks with Nine India, an initiative designed to enter the Indian television market through a branded programming block on Doordarshan channels; this project was ultimately discontinued by the early 2000s.
In 1999, PBL expanded by acquiring Crown Casino and Entertainment Complex and listing its online segment, ecorp, on the ASX; ecorp was subsequently taken private and removed from the stock exchange. By 2002, through an agreement with Prime Television, PBL secured an effective 50% ownership in Prime NZ. Nine Films produced theatrical movies distributed via Hoyts, which was then part of PBL's holdings, supported by a partnership with Macquarie Film Corporation. Noteworthy films included Dirty Deeds (2002) and Gettin' Square (2003).
In 2004, PBL broadened its gambling and media portfolio by purchasing Burswood Casino in Perth, acquiring a half stake in Hoyts Cinemas, and taking ownership of West Australian Newspapers. Concurrently, it sold Papua New Guinea’s exclusive television broadcaster, EM TV, to Fiji Television.
Concentration on gambling operations
On 18 October 2006, James Packer declared that half of PBL’s media assets—including ownership of the Nine Network and its share in NineMSN—would be sold for A$4.5 billion to enable a strategic focus on gambling ventures.
PBL embarked on two significant casino developments in Macau: the $260 million Crown Macau, expected to be completed between 2006 and 2007, and the $1.4 billion City of Dreams, both undertaken as joint projects with Melco International Development. In March 2006, PBL invested US$900 million to acquire a casino sub-concession from Wynn Resorts, granting casino operational rights through their Melco-PBL joint venture—marking the largest investment by an Australian firm in China at that time.
The initially proposed "Las Vegas Tower" project transformed into Crown Las Vegas after PBL agreed in May 2007 to fund and operate this casino. Although originally planned at , FAA concerns arose due to its proximity to McCarran International Airport and Nellis Air Force Base. In November 2006, the FAA issued a "notice of presumed hazard" citing safety issues.
By March 2011, Crown chairman James Packer announced that Crown Las Vegas would be cancelled and that the property would be placed on the market. Nonetheless, Crown maintained investment efforts in the neighboring under-construction Fontainebleau Resort and Casino.
Outcome
In late 2007, the corporation underwent a demerger, separating its gambling operations into a new entity, Crown Limited. Following this restructuring, PBL was reduced to a stub and rebranded as Consolidated Media Holdings. Eventually, in 2012, it was acquired by News Limited.
PBL Media
- Australian Consolidated Press
- 41% ownership of carsales.com
- 50% interest in Ninemsn
- 33% share in Sky News Australia
- Nine Network
- NBN Television
- Acer Arena
- Ticketek
PBL Enterprises
- 25% stake in Foxtel
- 25% stake in Seek
- Half ownership of Premier Media Group (50%)
- 50% shareholding in Hoyts
Additional Holdings
- Crown Casino, Melbourne location
- Burswood Entertainment Complex, Perth location
- 50% stake in Prime Television, which was divested in 2006 to Sky Network Television
- Equity interest in Papua New Guinea’s EM TV