Packer’s Consolidated Media Holdings (ConsMedia) is believed to have refused a request from CVC Asia-Pacific, its joint venture partner in PBL, to inject $75m into PBL last week, with ConsMedia issuing a statement declaring it “has no obligation to provide further funding to PBL Media.”

ConsMedia executive chairman John Alexander is also expected to step down from the company as part of the move.

PBL is the owner of Australian Consolidated Press, Australia’s foremost magazine publisher.

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