News Corp. Makes $2 Billion Bid to Up Foxtel Stake

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SYDNEY: News Corporation has offered AUD$1.97 billion ($2.01 billion) to acquire Consolidated Media Holdings, a move that would double its stake in Foxtel.

News Ltd, the Australian arm of News Corp., bid to take full control of James Packer’s Consolidated Media, which is its 50-50 joint owner in Fox Sports. This takeover would increase its share in Foxtel from 25 percent to 50 percent. The result would make it a joint owner with Telstra.

Packer said in a statement that he "looks forward to CMH and News working together to address the detailed terms and conditions" of the proposed takeover.

Australian regulators will review the deal.