Rupert Murdoch-controlled News Limited has made a surprise takeover $2B bid for Consolidated Media Holdings, a major stakeholder of Foxtel and FOX Sports.
James Packer, who owns the ConsMedia stake through his Consolidated Press Holdings (CPH), said today: “CPH welcomes News’ proposal and looks forward to [ConsMedia] and News working together to address the detailed terms and conditions”.
If successful, the move see News Limited lift its ownership to 50% of Foxtel and 100% of FOX Sports, but would first fall under the scrutiny of the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
By selling its Pay TV holdings, James Packer would all but exit Australia’s media market, leaving him with just a 6.9 per cent stake in TEN.
Meanwhile former Foxtel chief executive Kim Williams, who has been CEO at News Limited since December, is due to announce major reform for the company’s print newspapers this afternoon.
Foxtel is 50% controlled by Telstra, 25% by News Limited and 25% by Consolidated Media Holdings.