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PBL wanting to retain assets

Nine Network 2PBL Media has signalled that it is planning to hold on to assets, including Ticketek and its half-stake in Carsales.com.au, even as the motoring classifieds site prepares for a listing.

PBL Media’s chief executive, Ian Law, yesterday dismissed speculation that the private equity-held owner of Channel Nine and ACP Magazines was looking to offload businesses to reduce its estimated $4 billion in borrowings.

He insisted the group had enough headroom to trade through the advertising downturn after a $335 million capital injection earlier this year.

‘‘On the basis of the business plan we have before us, which includes earnings contributions from Carsales and Ticketek, we do not envisage any issues with our [debt] covenants,’’ Mr Law said.

In a Carsales float, ‘‘at this stage our position is we would not be selling into the offering and we would be retaining our interest in what is a great asset’’.

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