The deal is expected to give PBL executive chairman James Packer the chance to focus on the company's growing gaming portfolio, and create a new media spin-off as the federal government re-shapes Australia's media ownership laws.
Trading in PBL shares -- which hit record levels yesterday -- has been halted at the company's request pending the release of an announcement.
PBL is expected to announce the sale of the Nine Network, ACP
Magazines and website ninemsn to a private equity group including US funds Newbridge Capital and Kohlberg Kravis Roberts.
The Packer-family's PBL is likely to retain a 50 per cent stake
-- and management control -- in the newly formed company.
There also has been recent speculation PBL may look at putting its media interests -- which also include stakes in pay TV group
Foxtel and online websites Seek and carsales.com.au -- into a new listed media group.
PBL has reportedly valued its media interests at about $7.5 billion, so a 50 per cent stake could be worth more than $3.75 billion.
The company yesterday said it was "constantly reviewing all of its businesses and options" but failed to give more details on any deal.
The separate PBL media company is expected to seek out major acquisition and merger opportunities after the new media legislation comes into effect.
The government's package of media reforms is expected to be approved in the House of Representatives tomorrow. It will allow foreign investors to buy local media companies, and also allow local media companies to own two of the three main media platforms -- newspapers, radio and television -- in the same market.
Analysts believe PBL is eyeing off newspaper publisher John
Fairfax Holdings Ltd and radio company Austereo Group Ltd as acquisition targets, once the media rules change.
PBL has ramped up its gaming acquisition activity this year, joining a consortium bidding $US3.5 billion ($A4.72 billion) for the right to build Singapore's second casino last week.
PBL owns Melbourne's Crown Casino and the Burswood Casino in
Perth and is part of a massive three-casino joint venture project in Macau, Hong Kong.
It also is believed to have casino bids in the United Kingdom, Russia and Thailand.