News Corp's $2.1 bln bid for Consolidated Media approved

MELBOURNE Tue Oct 30, 2012 9:58pm EDT

MELBOURNE Oct 31 (Reuters) - Shareholders in Consolidated Media Holdings Ltd voted in favour of a A$2 billion ($2.07 billion) takeover offer from Rupert Murdoch's News Corp , giving News Corp a greater share of Australia's pay-TV market.

The deal will double the stake of News Corp's Australian unit in dominant pay-TV operator Foxtel to 50 percent and give it 100 percent of content provider Fox Sports, boosting its pay-TV exposure at the same time as it cuts back print operations.

The board of Consolidated Media had backed the offer.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.