James Packer, the Australian billionaire and casino investor, is close to cutting all ties with his late father’s television and magazine group after quitting the board of PBL Media shortly after refusing to back a plan seeking fresh capital for the media group.

Mr Packer’s company sold 75 per cent of PBL to CVC Capital and CVC Asia Pacific, the buy-out groups, in two stages. The transactions ultimately left PBL with heavy debts, which stood at A$4.2bn (US$2.6bn) at June 30.