June 20, 2012 – Rupert Murdoch’s News Corp made a $1.97 billion takeover offer for Consolidated Media Holdings, boosting top shareholder and billionaire James Packer’s war chest as he abandons media in favour of casinos.
Mr Packer, who has built stakes in casinos in Australia, London, Macau and Las Vegas, indicated he would accept the offer in the absence of a higher bid for the pay-TV stakeholder, in which he holds 50.1 per cent.
For News, a successful bid would double its stake in pay TV business Foxtel to 50 per cent, and give it 100 per cent of content provider Fox Sports.