Shares in Publishing and Broadcasting Limited hit a record high on news of tight restrictions to entry in Australian digital television.
Shares in the Packer group's PBL closed $A0.09 stronger on 21 December 1999 at a record high of $A11.40 as the company emerged as the major beneficiary of the Australian Government's decision to restrict new rival companies in television broadcasting who cannot use full-motion video in new media.
While PBL's Nine Network will be required to transmit in both standard-definition and high-definition digital terrestrial signals, it will also be able to leverage with sister company ecorp to make ninemsn the main portal to Internet services through television.
The three television networks - Nine, Ten and Seven - can offer "enhancements" which could include access to Web sites.
