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Murdoch, Packer To Buy Out Consolidated Media Holdings

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cmh.jpgLachlan Murdoch, the son of media giant Rupert Murdoch, is said to be offering $2 billion+ AUD ($1.76 billion) today to acquire Consolidated Media Holdings, one of Australia’s largest media companies and part owners of key online properties.

According to The Australian, an announcement on the deal will be made to the Australian Securities Exchange later today.

Lachlan Murdoch walked away from his fathers corporation in 2005 and is believed to be making this bid independently of his father. Reports suggest that he’s partnered with James Packer, the son of the late Kerry Packer, the one time richest man in Australia (James is now second) and previous private owner of the assets, until they were floated, and broken up in the last 2 years.

The purchase will include a 25% stake in Foxtel (Australia’s leading pay/ cable TV company) and PBL Media (owners of the Channel 9 network), 50% of Fox Sports, 27% of Australia’s leading online jobs site Seek.com.au, a 50% stake in NineMSN (the Australian version of MSN) and a stake in Carsales.com.au.

The deal will be put to CMH shareholders later this year as part of a scheme of arrangement.

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