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News Corp. makes bid for Australia-based CMH

From Licia Yee, CNN
updated 9:12 AM EDT, Fri September 7, 2012
Rupert Murdoch's News Corp. has offered $1.94 billion in Australia dollars for Sydney-based Consolidated Media Holdings.
Rupert Murdoch's News Corp. has offered $1.94 billion in Australia dollars for Sydney-based Consolidated Media Holdings.
STORY HIGHLIGHTS
  • News Corp. has revised a bid to buy Consolidated Media Holdings
  • News Corp. is offering $3.45 a share in Australian dollars, CMH says
  • The revised offer also includes a 6-cent dividend to be paid to CMH shareholders

Hong Kong (CNN) -- Rupert Murdoch's News Corp. has offered $1.94 billion in Australia dollars for Sydney-based Consolidated Media Holdings, the investment media company said Friday.

News Corp. offered $3.45 a share in a revised offer that was slightly less than a $3.50 offer made in June, though it now includes a 6-cent dividend to be paid to Consolidated Media shareholders, according to a statement released by CMH.

The two companies are partners in the ownership of Foxtel and Fox Sports Australia, with News Corp owning 25% of Foxtel and 50% of Fox Sports Australia, according to filings.

Under the proposed deal, News Corp. would own 50% of Foxtel and 100% of Fox Sports Australia.

News Corp. to become two companies

One of CMH's major shareholders, CPH Executive Chairman James Packer, said he also supported the deal "in the absence of a superior cash proposal."

The deal is subject to the approval of Australia's securities regulators.

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