CMH, which owns 25 per cent of Foxtel, said the deferral meant that the pay TV carrier would not maintain a debt to EBITDA (earnings before interest, tax, depreciation and amortisation) ratio of about three times in the short term. Despite the delay, Foxtel has confirmed that it would completely draw down its existing debt facility and distribute it to shareholders. The major shareholder of CMH is the Packer family’s Consolidated Press Holdings, which also has a 25 per cent stake in PBL Media, which in turn owns Channel Nine, ACP and half of ninemsn. |
