Publishing & Broadcasting Ltd (ASX: PBL) said on Tuesday that it would split its media assets and gaming interests into two separately listed companies.

The media company, Consolidated Media Holdings and gaming company, Crown will be created as two "pure-play' companies which would allow a better recognition to PBL's underlying assets, the company said in a statement..

As part of the restructuring plan, PBL - whose chairman is Australia's richest man, James Packer - is paying shareholders $2 billion in cash as well as shares in Crown and CMH. Shareholders will receive $3.00 cash for each share held or may elect to receive a greater proportion of their entitlements in shares.

PBL shares soared as the market embraced the second major restructuring by the company, jumping by as much as 8.5 per cent before settling, up $1.26, or 6.08 per cent, at $21.99.

PBL's financial adviser, UBS, expects Crown to list on the S&P/ASX 50 and CMH in the S&P/ASX 100.

Packer will take role as the executive chair of Crown and being deputy chair of the media company.

Current PBL chief executive John Alexander will chair the media company and be deputy chair of Crown.

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