I'm surprised that no-one has yet commented about PBL (or BIR,...

I'm surprised that no-one has yet commented about PBL (or BIR, for that matter).

Earlier today, PBL announced the immediate resignation of Peter Yates (for personal reasons).

Yates had been responsible for managing the BIR bid which is still live.

Whilst the ASX announcement by PBL shows all the hallmarks of togetherness and belonging, it is not often that you have your CEO announce his resignation, leave immediately, whilst leaving unfinished business (ie: the BIR bid) about the place.

The solidarity shown in the PBL ASX announcement is such that it is unlikely to be breached. However, the replacements announced by PBL this morning suggests that KP himself has moved firmly back in control of PBL.

Kerry Packer has been appointed to the position of Deputy Chairman, effectively coming back onto the front line.

John Alexander has been appointed as the new CEO of PBL. He will also retain his role as CEO of ACP.

The new Deputy CEO of ACP is David Gardiner, whilst David Gyngell has been appointed as CEO of the NINE network.

Chris Anderson has also been appointed as a non-executive director of PBL.

James Packer retains his role as executive Chairman of PBL, but with his father now in the role of Deputy Chairman, it seems very likely that KP is about to return to the front line.

The market has viewed the changes in a positive light, with the share price up in trading, today.

But, with TEN announcing a new foray into PayTV, thereby fracturing the previously united FTA alliance on PayTV and digital broadcasting, it seems to be that some older, more experienced media hands are required in the office.

PBL /NINE are also facing challenges from Kerry Stokes' continuing legal challenges concerning the award of the AFL rights to FoxTel, NINE and TEN.

Beyond this, NINE is clearly facing new challenges in its previously dominant FTA franchise, with TEN's new Sunday primetime scheduling having an impact, whilst SEV is now challenging NINE in the 5.00pm+ lead-in to the evening news. Hence, the reason why Eddie is now going 5-nights a week @5.30pm in a shortened version of "Who Wants to be a Millionaire", in an effort to starve off the fast challenging "Deal or No Deal" being offered by SEV. Similarly, the TODAY team are now starting to be challenged by the SUNRISE team at SEV. Looking further afield, NINE's habit of mixing up its primetime schedule between first run and repeat episodes of shows such as CSI, CSI:Miami and Without a Trace, and its agonising extension of shows such as Friends and Sex and the City, are such that the FTA demographics are starting to grow weary of the sub-standard treatment.

This fracturing across the board does not, however, suggest that NINE or PBL is in decline. Rather, it signals that NINE and PBL are being challenged and that there is no better way of meeting that challenge than to actively re-engage KP in the fray. This is what PBL has done this morning. Now, stand by for the fireworks.