News Corp seals $2.1 billion Australia pay-TV deal

Melbourne (Newswire): Rupert Murdoch’s News Corp boosted its share of Australia’s pay-TV market after shareholders in Consolidated Media Holdings Ltd voted in favor of a A$2 billion ($2.1 billion) takeover offer from News. The deal will double the stake of News Corp’s Australian arm in dominant pay-TV operator Foxtel to 50 percent and give it 100 percent of content provider FoxSports, increasing its pay-TV exposure at the same time as it cuts costs at its print operations.
Consolidated Media said shareholders at a meeting voted 99.9 percent in favor of the takeover. Its board had backed the offer. “Foxtel and Fox Sports are going to be two cornerstone assets in the News Corp publishing business after the demerger, and I assume the market will put fairly healthy multiples on those assets,” said Citi analyst Justin Diddams. News Corp announced plans in June to split the $60 billion media conglomerate into two publicly traded companies, publishing and entertainment. The split will take about a year to complete.

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