Decision number200720007
Application number200710108
Date16 July 2007
Offeror/applicantRed Earth Holdings B.V.
Ultimate applicant beneficial ownership53.6347 percent - United States of America, United States Public
17.1337 percent - Various, Various overseas persons
12 percent - United Kingdom, United Kingdom Public
5.7334 percent - Singapore, Singapore Public
4.1662 percent - Canada, Canadian Public
4.0668 percent - Netherlands, Dutch Public
3.2663 percent - United Arab Emirates, United Arab Emirates Public
Beneficial overseas ownership 
- Asset currentN/A
- Asset proposedN/A
- Share current100 percent
- Share proposed100 percent
Offeree(s)/seller(s)Publishing and Broadcasting Limited of Australia
Business activitiesCultural & Recreational Services - Other
Details of land involvedNone.
Regions involvedVarious
Total consideration$163,246,498
Consent soughtTo acquire rights and interests in up to 75 percent of the securities of PBL Media Holdings Pty Limited and PBL Media Holdings Trust.
Rationale

The application has been approved as it met the criteria.

The Overseas Investment Office is satisfied that the individuals with control of the Applicant collectively have business experience and acumen relevant to the overseas investment, and that the Applicant has demonstrated financial commitment towards the overseas investment. The Overseas Investment Office is further satisfied that each individual that exercises control over the Applicant is of good character and is not an individual of the kind referred to in section 7(1) of the Immigration Act 1987.

Red Earth Holdings B.V. (Red Earth) is a special purpose vehicle incorporated in the Netherlands for the purposes initially of providing funding to Publishing and Broadcasting Limited (PBL) by acquiring 50 percent of the securities in PBL Media and Media Trust.

PBL is Australia's leading diversified media company with interests in media, gaming and entertainment. PBL's businesses include ACP Media Limited New Zealand's largest magazine publisher. As part of a restructuring and recapitalisation of PBL's businesses, PBL Media and Media Trust were established to hold media interests, including ACP Magazines, Nine Network (including its interest in Sky News), Ticketek, its 50% interest in ninemsn and its 41% shareholding in carsales.com.au. Red Earth and PBL have reached an agreement whereby Red Earth will acquire 75 percent of the securities in PBL Media and Media Trust as part of the restructuring and recapitalisation of PBL's businesses.

ContactCathy Quinn
Minter Ellison Rudd Watts
P O Box 3798
AUCKLAND