CONSOLIDATED Media Holdings' earnings have only heightened speculation about the financial woes of PBL Media, the heavily indebted joint venture which runs the Nine Network and ACP Magazines.
Deutsche Bank and Citigroup joined ABN Amro yesterday in concluding the remainder of the late Kerry Packer's once-mighty media empire wasn't worth a cent anymore.
They cited PBL Media's $4.2 billion debt burden and slowing advertising markets, which would put pressure on profits and see it struggle to meet its interest payments.
