The great sell-off of Australian media to private equity buyers continues. On Monday, Kohlberg Kravis Roberts, the buy-out group, announced a A$4bn joint venture with Seven Network.

The deal comes hot on the heels of James Packer’s disposal of half of his Publishing & Broadcasting media assets to CVC Asia Pacific, another private equity firm. Both deals follow Australia’s move to relax media ownership rules. KKR, which was earlier this year rebuffed by Coles Myer, the food retailer, managed to pull off its second big Australian acquisition. Seven, just a month ago one of the sector’s cheapest stocks, is accorded a rich valuation. The price implies an enterprise value of 13.3 times 2007 earnings before interest, tax, depreciation and amortisation – a 15 per cent premium over that achieved by PBL.