Foxtel launches bid to buy Austar

Tim Burrowes

May 26, 2011 10:12

Subscription TV company Foxtel today launched its long-anticipated bid to buy fellow pay TV platform Austar.

An announcement to the ASX said the company was offering to buy Austar for $1.52 cash per share.

A statement from Austar said: “The non-binding Proposal is subject to a number of conditions including but not limited to: (i) due diligence; (ii) financing; (iii) negotiation and execution of definitive transaction agreements; and (iv) final board approvals.

“The Austar Board, including representatives of Liberty Global, Inc (LGI), believes the value ascribed to AUSTAR is appropriate in the context of a change of control transaction.”

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Tim Burrowes

Tim Burrowes is the publisher of Mumbrella and Unmade. He co-founded Mumbrella in 2008 and sister title Unmade in 2021. He's worked in the UK, Middle East, Asia & Australia and has specialised in writing about the communications world for the last 25 years. He wrote the book Media Unmade, published in 2021, and became the presenter of MediaLand on ABC Radio National in 2025.