Nine was a jewel in the crown of the $7billion empire that Kerry Packer bequeathed on his death in 2005 to his son. James Packer resigned yesterday from the board of Nine owner PBL Media after its 25per cent shareholder Consolidated Media Holdings refused to provide the debt-laden firm with further funding.

Packer-aligned directors John Alexander, Chris Anderson and Martin Dalgleish also resigned yesterday from PBL Media. PBL Media was created in 2006 after Publishing and Broadcasting Limited, the Packer family's media and gaming business, sold its media assets to PBL Media, a joint venture with private equity fund CVC Asia Pacific, for $4.5billion. PBL sold a 25per cent stake in PBL Media to CVC for $515million last year.

PBL Media also owns ACP Magazines. The decision by Cons Media yesterday not to provide further funds to PBL Media raises questions about the future of the heavily debt-laden company, according to analysts.

PBL Media is carrying $4.2billion of debt, clocked up when it bought its 50per cent stake in the CVC joint venture from the Packer family's then listed PBL.

Cons Media's annual profit result revealed in August that PBL Media had posted an operating profit of $463million, but the cost of servicing its $4.2billion debt all but negated its contribution to Cons Media's profit.

PBL Media maintained yesterday it was not in need of an urgent cash injection to cover debt.

Chief executive Ian Law said PBL Media had used $4.2billion of its $4.5billion loan facility as at June 30, 2008.

Mr Law said no refinancing was due until 2013 and only two smaller debt repayments were due over the next 12 months: about $22million in December and about $22million in mid-2009.

Citigroup analyst Digby Gilmour said of Cons Media's decision not to provide PBL Media with further funding, ''The implication here is that PBL Media is unable to service its debt.