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News Corp bids for pay TV company

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Rupert Murdoch's News Corp has moved to take control of Consolidated Media Holdings

Rupert Murdoch's News Corp has moved to take control of Consolidated Media Holdings

Rupert Murdoch's News Corp has moved to take control of Consolidated Media Holdings

The Australian arm of Rupert Murdoch's News Corp has made a two billion dollar (£1.28 billion) bid to take full control of pay TV company Consolidated Media Holdings.

The News Ltd takeover offer would give Mr Murdoch's global media empire control of a large slice of Australia's pay television industry.

The move was supported by James Packer, whose Consolidated Press Holdings owns a controlling stake in Consolidated Media.

News has offered 3.50 Australian dollars (£2.30) for each Consolidated Media share, valuing the company at 1.97 billion Australian dollars (£1.28 billion).

The offer remains subject to approval from the Australian Competition and Consumer Commission.

The News Corp board must also approve the deal.

PA