Private equity firm CVC Asia Pacific has increased its stake in Australian billionaire James Packer's media company Publishing and Broadcasting by a quarter to 75%. The move comes days after CVC withdrew from the bidding for supermarket chain Coles, expected to be the country's largest buyout.

CVC Asia Pacific, the Asian arm of the private equity firm, will pay A$515m (€317.3m) to acquire a further 25% stake in Packer's media assets..