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News Corp's $2.1 bln bid for Consolidated Media approved
October 31, 2012 / 2:00 AM / 5 years ago

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

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.

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