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.