Publishing and Broadcasting Ltd. is expected to begin releasing public documents to shareholders within days, which will detail its split into separately listed media and gaming companies, The Australian reported Friday.

James Packer's PBL overcame its final obstacle with the Australian Taxation Office, and is now ready to separate into two companies, Consolidated Media Holdings and gaming group Crown.

Under the split's terms, investors will receive a $3 cash consideration for each PBL share they hold, and for many investors the payment will be tax-free. The tax status of each payment will depend on several factors, including the shareholder's individual tax bracket and cost base, The Australian reported, citing informed sources.

Packer's private company, Consolidated Press Holdings, has 261.5 million PBL shares, and can expect to receive a tax-advantaged $784.5 million, the article stated.

The shareholder documents that detail the arrangement will be put to a shareholder meeting in November at Melbourne's Crown.