Editing James Packer (section)

===Selling Channel Nine===
In March 2006, Packer began discussing whether to sell Channel Nine and the Australian Consolidated Press magazine group to help fund his move into the international gaming and tourism business.<ref>{{Cite news |date=2010-11-09 |title=DEALTALK-Aussie media floats worth $7 bln on the cards |language=en |work=Reuters |url=https://www.reuters.com/article/dealtalk-australia-media-idUSSGE6A70T220101109 |access-date=2023-10-29}}</ref> Given changes in media due to the Internet and pay-TV, Packer was concerned about the future of free-to-air television.<ref name=williams/>{{rp|140}}{{rp|150}} On 17 October 2006, Packer's team finalised a deal to sell 50% of the media assets—which also included a 50% stake in web portal [[Ninemsn.com.au|Ninemsn]] and a 51% stake in Carsales—to private equity group CVC Asia Pacific for A$4.5 billion, plus an additional A$1 billion in equity in the new company, which would be called PBL Media.<ref name=williams/>{{rp|213}}

In June 2007, Packer sold another 25% share of the joint-venture PBL Media to CVC for $515 million.<ref>{{Cite news |date=2007-06-01 |title=Packer sells media stake, ticketing to CVC |language=en |work=Reuters |url=https://www.reuters.com/article/us-pbl-media-idUSSYD30184220070601 |access-date=2023-10-29}}</ref><ref>{{Cite web |author=Pip Bulbeck|agency=Associated Press |date=2007-06-02 |title=Packer sells 25% stake in PBL Media |url=https://www.hollywoodreporter.com/business/business-news/packer-sells-25-stake-pbl-137751/ |access-date=2023-10-29 |website=The Hollywood Reporter |language=en-US}}</ref> In October 2008, Packer wrote down his final 25% stake in PBL Media to zero.<ref name=williams/>{{rp|222}} By the end of 2012, debt from CVC's acquisition had overwhelmed Channel Nine and US hedge funds ousted CVC, taking complete ownership.<ref>{{cite news |first=Helia |last=Ebrahimi |work=CNBC|title=Interview with Helia Ebrahimi|date=13 September 2013 |url=https://www.cnbc.com/helia-ebrahimi/ |access-date=23 October 2013}}</ref>