News Corp offers $2 bn for Packer's pay TV
21 Jun 2012 12:29 AM GMT
Unfazed by his media empire facing scrutiny in the UK and elsewhere, Rupert Murdoch's News Limited is mulling a $2 billion take over bid for billionaire James Packer's pay TV company, Consolidated Media Holdings.
Murdoch's Australian arm of the News Corp is bidding to take full control of the Packer company and a successful bid would double his stake in Australia's dominant pay TV market, APP news agency reported. Packer, who is abandoning his media empire in favour of his new love - casinos, has indicated he would accept the offer in the company, in which he has 50 per cent shareholding.
Murdoch's News Limited has offered 3.50 Australian dollars for each Consolidated Media share, valuing the company at 1.97 billion Australian dollars [$2 billion].
The proposal, however, is subject to approval from the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
The 81-year-old Australian media tycoon's move comes as he announced a major restructure to consolidate his Australian operations, merging its print and digital businesses with an unspecified number of job losses.
James Packer, executive chairman of ConsMedia's largest shareholder Consolidated Press Holdings, said, 'CPH welcomes News' proposal and looks forward to CMH and News working together to address the detailed terms and conditions.'
If the proposed transaction proceeds, it is unlikely to complete until the final quarter of 2012.
Murdoch's Australian arm of the News Corp is bidding to take full control of the Packer company and a successful bid would double his stake in Australia's dominant pay TV market, APP news agency reported. Packer, who is abandoning his media empire in favour of his new love - casinos, has indicated he would accept the offer in the company, in which he has 50 per cent shareholding.
Murdoch's News Limited has offered 3.50 Australian dollars for each Consolidated Media share, valuing the company at 1.97 billion Australian dollars [$2 billion].
The proposal, however, is subject to approval from the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
The 81-year-old Australian media tycoon's move comes as he announced a major restructure to consolidate his Australian operations, merging its print and digital businesses with an unspecified number of job losses.
James Packer, executive chairman of ConsMedia's largest shareholder Consolidated Press Holdings, said, 'CPH welcomes News' proposal and looks forward to CMH and News working together to address the detailed terms and conditions.'
If the proposed transaction proceeds, it is unlikely to complete until the final quarter of 2012.
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