★★★★★ 0/5

Regulator approves bid on Consolidated Media

The ACCC has approved News Limited's $2B bid to takeover Consolidated Media Holdings, but attention now turns to Kerry Stokes.

0
Leave a comment

The Australian Competition and Consumer Commission has approved News Limited’s $2B bid to takeover Consolidated Media Holdings, a major stakeholder of Foxtel and FOX Sports.

If successful, the move will see News Limited lift its ownership to 50% of Foxtel and 100% of FOX Sports.

Foxtel is 50% controlled by Telstra, 25% by News Limited and 25% by Consolidated Media Holdings.

But attention now turns to billionaire Kerry Stokes.

Seven Group holds a 24 per cent stake in ConsMedia. In June it signalled its intention to thwart News Corp’s offer.

Source: The Age

Leave a Reply