Australia-based PBL Media does not need help to cover its debt, the company announced after James Packer left the company's board of directors, The Sydney Morning Herald reported Monday.

Consolidated Media Holdings, which is controlled by Packer, will likely not try to go through with a joint venture with PBL Media, the report stated. Packer and John Alexander, ConsMedia's executive chairman, resigned from the PBL board immediately after it was announced that ConsMedia would not “contribute any further funding to PBL Media,” the company stated in a stock exchange announcement.

PBL Media owns Australia's Channel Nine, Ticketek, and ACP Magazines. It also has stakes in ninemsn and carsales.com.au. At the end of June, the company had just AU$300 million left from a $4.5 billion loan. The largest payments are due in 2013 and 2014, Ian Law, the joint venture's chief executive, told The Sydney Morning Herald.

Law said $22 million is due in December, and another $22 million is due in June 2009.