Australia's Publishing and Broadcasting and West Australian News said on Monday they have agreed to sell the Hoyts cinema chain to private equity group Pacific Equity Partners (PEP).
The two groups said the sale valued Hoyts' Australian and New Zealand operations at A$440 million (US$383 million) on an enterprise value basis, which includes debt.
The sale would release about A$150 million to each of PBL and West Australian News and is due to be completed by November.
In its full-year results released last month, PBL recorded a profit of A$19.5 million from its 50% interest in the Hoyts chain, up from A$12.8 million the previous year.
PBL flagged the sale of Hoyts in May, when it revealed plans to split into two separate media and gaming companies.
The deal needs to be approved by Australia's Foreign Investment Review Board and the New Zealand Overseas Investment Office.
UBS acted as adviser to PBL and WAN on the sale process.