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Rupert Murdoch's News Corp. makes $2 billion bid for Australian pay TV giant

Published on June 20, 2012; Published on June 20, 2012

Topics :: News Corp , Consolidated Media Holdings , Consolidated Press Holdings , Rupert Murdoch , SYDNEY , Australia

SYDNEY - The Australian arm of Rupert Murdoch's News Corp. has made a $2 billion bid to take full control of pay TV company Consolidated Media Holdings.

The News Ltd. takeover offer would give Murdoch's global media empire control of a large slice of Australia's pay television industry. News Ltd. already owns

The move was supported by James Packer, whose Consolidated Press Holdings owns a controlling stake in Consolidated Media.

News has offered $3.50 Australian dollars for each Consolidated Media share, valuing the company at AU$1.97 billion ($2 billion).

The offer remains subject to approval from the Australian Competition and Consumer Commission.

The News Corp. board must also approve the deal.

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