News Limited Launches Bid For Consolidated Media

In what has become one of the most tumultuous weeks for Australian media in many years, News Limited has launched a $2bn bid to buy Consolidated Media in a deal that would up the company’s ownership of Foxtel to 50%.

Foxtel is owned 50% by Telstra, 25% by News Limited and 25% by Consolidated Media. Other shareholders in Consolidated Media include Seven owner Kerry Stokes.

The move would also give News Limited full ownership of Fox Sports which it currently co-owns with Consolidated.

According to the ASX update, the move would be unlikely to take place until the final three months of 2012.

Source: Mumbrella