News Corp. Offers Bid for Consolidated Media

News Corp. has offered 1.97 billion Australian dollars (US $2 billion) to buy Consolidated Media Holdings Ltd. in a move that, if successful, would strengthen the company’s interest in Australia’s largest pay TV service.

The takeover bid, valued at A$3.50 a share, includes a 25 percent stake in pay TV operator Foxtel, which would double News Corp.’s stake. Consolidated Media is controlled by Australian casino billionaire James Packer, who owns half the company.

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