News Corp AS2BN offer for CMH to draw line under Packer, Murdoch media feud

Editor ©RapidTVNews | 20-06-2012

The Australian media war that has waged for over 30 years between the Murdoch and Packer families looks likely to be resolved with the news that James Packer is to support a bid by News Corp for Consolidated Media Holdings.
The son of Oz TV behemoth Kerry Packer, sworn rival of Rupert Murdoch, is believed to have agreed to have indicated that he would accept a bid of A$2 billion thus effectively ending the Packer family’s media connections.
According to reports in The Financial Times, in the absence of a superior bid, Packer will support News Corp’s proposed offer for Consolidated Media Holdings in which he is the majority shareholder with a 50% stake and which in turn owns a quarter share of Foxtel, the country’s largest pay-TV provider. The move would at a stroke double News Corp’s holding in Foxtel delivering full control of Fox Sports Australia.

The FT quoted Australian analysts as saying that they did not expect News Corp’s offer to encounter any regulatory issues but said it could face opposition from CMH’s other big shareholder.