News Corp. Wins Approval for $2-Billion CMH Takeover

MELBOURNE: Shareholders of Consolidated Media Holdings (CMH) have approved News Corporation’s AUS$1.94 billion ($2.01 billion) takeover of the company, giving it an increased presence in the Australian pay-TV market. 

The deal sees News Corp. doubling its stake in Foxtel, to 50 percent. It also takes on full ownership of Fox Sports. Australia’s Telstra Corp. owns the remaining 50 percent of Foxtel. 

The deal is subject to approval by Australia’s Federal Court, before being completed on November 19.