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Packer waiting for $4.5 billion cheque

1 February 2007

VICTORIA, Australia – As reported by the Sydney Morning Herald: "The Victorian gaming regulator is the only thing standing between James Packer and a cheque for $4.5 billion.

"Publishing & Broadcasting Ltd announced more than three months ago that it was selling half of its flagship media assets - the Nine Network, ACP Magazines and some internet businesses - to European private equity firm CVC Capital Partners. But PBL is yet to collect its money.

"Seven Network executive chairman Kerry Stokes, on the other hand, banked his cheque more than a month ago despite announcing Seven's multi-billion dollar private equity deal five weeks after PBL.

"The hold-up for PBL, it seems, is a requirement for the Victorian Commission for Gambling Regulation to release the company from guarantees over the Nine Network and ACP. The guarantees were given when PBL bought the Crown Casino eight years ago…"

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