Published October 30, 2012
MELBOURNE – Shareholders in Consolidated Media Holdings Ltd voted in favor of a A$2 billion ($2.07 billion) takeover offer from Rupert Murdoch's News Corp, giving News Corp a greater share of Australia's pay-TV market.
The deal will double the stake of News Corp's Australian unit in dominant pay-TV operator Foxtel to 50 percent and give it 100 percent of content provider Fox Sports, boosting its pay-TV exposure at the same time as it cuts back print operations.
The board of Consolidated Media had backed the offer.
(Reporting by Victoria Thieberger; Editing by John Mair)