NO.088

Foreign Investment Proposal: Red Earth Holdings b.v. – Acquisition of an additional interest in PBL Media Holdings Pty Limited and the PBL Media Holdings Trust

Under the Foreign Acquisitions and Takeovers Act 1975, I have decided to raise no objections to the proposal for Red Earth Holdings B.V. (“Red Earth”) to increase its interest in PBL Media Holdings Pty Limited (“PBL Media”) and the PBL Media Holdings Trust.  This decision is subject to a number of conditions.

These conditions are that:

• the Chief Executive Officer and Chief Financial Officer of PBL Media and PBL Media Finance Holdings Pty Limited as trustee for the PBL Media Holdings Trust (“PBL Media Finance”) are to reside in Australia;
• the headquarters of PBL Media and PBL Media Finance are maintained in Australia;
• the boards of PBL Media and PBL Media Finance hold a majority of their meetings in Australia;  and
• the majority of the Directors of PBL Media and PBL Media Finance are Australian citizens.

These conditions, imposed under Section 25(1A) of the Foreign Acquisitions and Takeovers Act 1975, will have effect for so long as Red Earth owns a controlling interest in PBL Media and the PBL Media Holdings Trust and are subject to any revocation or amendment by the Treasurer.

Red Earth is predominantly owned by funds advised by CVC Capital Partners and CVC Asia Pacific, part of the CVC private equity group.

PBL Media owns the Nine Network Television group of companies, Australian Consolidated Press (ACP), the publisher of 60 magazine titles, Ticketek Pty Limited, 50 per cent of NineMSN internet portal and 50 per cent of Carsales.com.au.  The assets of PBL Media Holdings Trust comprise the mastheads used on ACP’s magazines and Carsales’ internet business.

These conditions have been put in place to protect the national interest.

CANBERRA

4 September 2007

Contact: Renae Stoikos – 02 6277 7340