News Limited launches bid for Consolidated Media in move to increase ownership in Foxtel

Tim Burrowes

June 20, 2012 10:09

In what has become one of the most tumultuous weeks for Australian media in many years, News Limited has launched a $2bn bid to buy Consolidated Media in a deal that would up the company’s ownership of Foxtel to 50%.

An update to the ASX suggest that Consolidated Media’s largest shareholder James Packer supports the bid.

Foxtel is owned 50% by Telstra, 25% by News Limited and 25% by Consolidated Media. Other shareholders in Consolidated Media include Seven owner Kerry Stokes.

The move would also give News Limited full ownership of Fox Sports which it currently co-owns with Consolidated.

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Tim Burrowes

I write about the world's media and marketing industry from an Australian perspective Australian lens. I've worked in the UK, Middle East, Asia & Australia. I founded Mumbrella, which we sold in 2017.