News Corp's $2.1 billion bid for Consolidated Media approved

Published October 30, 2012

| Reuters

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)

URL

http://www.foxbusiness.com/news/2012/10/30/news-corp-21-billion-bid-for-consolidated-media-approved/