 | |
| Company type | Public company |
|---|---|
| ASX: PBL | |
| Industry | Media,gaming |
| Predecessors | Nine Network andAustralian Consolidated Press |
| Founded | 1994; 32 years ago (1994) |
| Defunct | 10 December 2007 |
| Fate | Assets spun off |
| Successor | Consolidated Media Holdings Nine Entertainment Crown Limited |
| Headquarters | Sydney |
Key people | James Packer, Executive chairman John Alexander, CEO |
| Products | TV stations Casinos |
| Website | pbl.com.au(archived) |
Publishing and Broadcasting Limited (PBL) was one ofAustralia's largest corporations. With interests primarily in media and gambling, for the entirety of its existence it was largely controlled by thePacker family.
PBL originated withAustralian Consolidated Press (ACP), established by media magnateFrank Packer, who inherited the media interests of his fatherRobert Packer, who died in 1934. In 1936, Packer merged with E.G. Theodore's Sydney Newspapers and Associated Newspapers to form Australian Consolidated Press.[1] Frank Packer was chairman of ACP from 1936 until his death in 1974, when control of the company passed to his younger sonKerry Packer.
ACP was granted a broadcasting license in Sydney when television began in Australia in the 1950s. Its television station,TCN-9 in Sydney was the first station in Australia to go to air, launched 1956, by an announcement fromBruce Gyngell "Good evening, and welcome to television".
In 1960, it purchased GTV-9 Melbourne to form the first television network in Australia, the National Television Network, later to become the NationalNine Network.
In 1987, Kerry Packer sold the Nine Network toAlan Bond for $1 billion,[2] who then expanded the network to include QTQ-9 Brisbane andSTW-9Perth. Packer later bought the network back for half of what he sold it for in 1990.
Publishing and Broadcasting Limited was formed in 1994 as a holding company for Nine Network and Australian Consolidated Press. PBL registeredNine Films and Television, an in-house film and television production arm, in August of that year.[3]
In the late 1990s PBL lost millions on a venture calledNine India. Its most tangible form was a branded block on two of the channels operated byDoordarshan. It planned to become a major player in Indian television, but by early in the next decade, the concept was dropped.
In 1999,Crown Casino and Entertainment Complex was bought by PBL, and the online division of PBL, ecorp was floated on the ASX. ecorp was later privatised and delisted from the Stock Exchange.
In 2002, PBL entered a deal with Prime Television, giving it an effective 50% stake in Prime NZ. Nine Film and Television began to theatrically release films which were distributed throughHoyts (then also owned by PBL and related companies). A joint venture withMacquarie Film Corporation generated capital for the production of these films. The first film released wasDirty Deeds in 2002. It was followed byGettin' Square (withWorking Title Australia andMushroom Pictures) in 2003.
In 2004, PBL purchased theBurswood Casino in Perth, and a 50% stake in Hoyts Cinemas, along withWest Australian Newspapers. Hoyts was previously owned by the Packer private company; Consolidated Press Holdings Ltd. It also soldPapua New Guinea's only television network,EM TV toFiji Television.
On 18 October 2006, James Packer announced the sell-off of 50% ofPBL's media interests for A$4.5 billion to focus on its gambling business. The sell-off includedNine Network and its 50 per cent interest inNineMSN.
PBL was involved in two casino projects inMacau: the $260 millionCrown Macau, scheduled for completion in 2006–07, and the $1.4 billionCity of Dreams. The projects are joint ventures withMelco International Development, a Macau company. In March 2006, PBL announced that it had spent US$900 million (A$1.2 billion) to purchase a casino sub-concession fromWynn Resorts that would give the Melco-PBL joint venture the right to conduct casino operations. PBL's commitment to these ventures is the biggest investment by an Australian company in the PRC to date.[4]
Originally proposed as the "Las Vegas Tower", the name of the building changed when Publishing and Broadcasting Limited reached an agreement on 31 May 2007, with the tower's developers to invest money in the project and run its casino.[5] As part of the agreement, the project was renamedCrown Las Vegas.
Crown Las Vegas was originally proposed to rise 1,888 feet (575 m) by Christopher Milam, a building developer fromTexas. According toKLAS-TV in Las Vegas,[6] theFederal Aviation Administration (FAA) was concerned with the proposed height, due to the tower's proximity toMcCarran International Airport andNellis Air Force Base. In November 2006, the FAA issued a "notice of presumed hazard" because the tower's location is 2.5 miles (4.0 km) north of McCarran Airport's runways.
In March 2011, Crown chairman James Packer announced the project was cancelled and the site put up for sale.[7] Crown will continue its investment in the under-constructionFontainebleau Resort and Casino on the site next to the proposed Crown Las Vegas site.
The companydemerged in late 2007,spinning out its gambling interests intoCrown Limited. PBL, now astub, was renamedConsolidated Media Holdings, a company ultimately acquired byNews Limited in 2012.[8]
