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PBL Shows Interest in Horse Racing Channel
Tuesday, March 28, 2006
AUSTRALIA – As reported by the Age.com News: "James Packer's Publishing and Broadcasting Ltd is going head to head with the country's other gaming giant, Tabcorp, for the first time, offering more than $25 million for a quarter stake in rebel horseracing broadcaster ThoroughVisioN.
"It is believed that TVN chairman Harold Mitchell, a close associate of the Packers, decided at a board meeting yesterday afternoon to put the proposal before shareholders — the racing clubs in Sydney and Victoria — later this week.
"Mr Packer's bid for a piece of TVN, which values the company at more than $100 million, signals his intent to take on Tabcorp.
"It would give PBL part ownership of the broadcast rights to Australia's most lucrative thoroughbred races, including the Melbourne Cup.
"It could also provide the group with the foundation for a bid for the Victorian wagering licence when Tabcorp's licence expires in 2012…"
"It is believed that TVN chairman Harold Mitchell, a close associate of the Packers, decided at a board meeting yesterday afternoon to put the proposal before shareholders — the racing clubs in Sydney and Victoria — later this week.
"Mr Packer's bid for a piece of TVN, which values the company at more than $100 million, signals his intent to take on Tabcorp.
"It would give PBL part ownership of the broadcast rights to Australia's most lucrative thoroughbred races, including the Melbourne Cup.
"It could also provide the group with the foundation for a bid for the Victorian wagering licence when Tabcorp's licence expires in 2012…"