James Packer's Publishing and Broadcasting (PBL) rose today after the company announced that the federal court had voted in favour of the PBL Scheme and Demerger Scheme.
Under the schemes, a separately listed casino company called Crown will be established and another company called Consolidated Media Holdings will take in PBL's media interests.
As a result, Crown will effectively become the new holding company for the gaming and media businesses.
The approval of the split will come as good news to the 98% of PBL shareholders who last Friday voted in favour of the proposal.
Mr Packer said that the split is in the best interests of the shareholders and will deliver greater investment choice.
The Court Orders approving the proposal will be lodged with the Australian Securities and Investments Commission this Friday whereupon both schemes will come into effect.
PBL rose by 25 cents today to close up at $20.45.
