Consolidated Shareholders Approve $2 Billion Takeover Offer From News Corp: Reuters

By | Tuesday October 30, 2012 @ 7:45pm PDT

Shareholders in Consolidated Media Holdings have given the green light to a $2 billion takeover offer from News Corp. The deal will double the stake of News Corp’s Australian dominant pay-TV platform Foxtel to 50 percent and give … Read More »

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Global Showbiz Briefs: Tokyo, Zurich Festivals; News Corp’s Binding Bid

Tokyo Hosts ‘Trouble With The Curve’
Clint Eastwood-starrer Trouble With The Curve will close the Tokyo International Film Festival on October 28. Directed by frequent Eastwood collaborator Robert Lorenz, the film stars Eastwood as an aging baseball scout and Amy Adams as his estranged daughter. Justin Timberlake, John Goodman, Matthew Lillard and Robert Patrick also star. Warner Bros has set the U.S. release for September 21. The festival opens October 20 with Paramount’s 3D Cirque Du Soleil: Worlds Away, exec produced by James Cameron and directed by Andrew Adamson.

News Corp Presses Binding Offer
News Corp has moved to solidify its hold on Australian pay-TV platform Foxtel and the Fox Sports channels with a binding takeover bid for Consolidated Media Holdings. CMH owns 25% of Foxtel and 50% of Fox Sports. News is offering $A3.45 ($3.55) per share, valuing the company controlled by James Packer at $1.94 billion. That’s a bit less than News Corp’s non-binding cash offer made in June, but shareholders will receive a 6 cents per share dividend. Said Packer, exec chairman of 50% shareholder Consolidated Press Holdings: “This is a great outcome for CMH shareholders and for News and it reflects a fair price.” There was no immediate response from Seven Group Holdings, which has a 25.3% stake in CMH and has asked regulators whether it could buy the balance. A decision is due September 13. News owns 25% of Foxtel and the other 50% of Fox Sports. If the News deal proceeds it’s expected to close in November. Citi media analyst Justin Diddams told Deadline it’s unlikely the Kerry Stokes-controlled Seven Group will make a counter-offer. -Don Groves
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Global Showbiz Briefs: Consolidated Media, ‘Making Of A Lady’, Pinewood, BBC

By | Tuesday August 28, 2012 @ 8:00pm PDT

Seven Group Still Undecided On News Corp.’ $2B Offer For Consolidated Media
In June, News Corp. launched a $2.1B bid for Consolidated Media Holdings, a 25% owner of pay-TV platform Foxtel and 50% owner of the Fox … Read More »

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Consolidated Media Expects $2.1B News Corp. Deal To Close In Six Weeks

By | Tuesday August 21, 2012 @ 2:31am PDT

Don Groves is a Deadline contributor based in Sydney

consolidated media holdingsNews Corp.’s move to acquire James Packer’s Consolidated Media Holdings is nearing completion. Reporting revenues today, CMH said the deal should be finalized in six weeks, … Read More »

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Australia Regulator Clears News Corp’s $2.1B Bid For Consolidated Media

By | Wednesday August 1, 2012 @ 11:07pm PDT

Don Groves is a Deadline contributor based in Sydney.

News Corp.’s $A2 billion ($2.1B) bid for James Packer’s Consolidated Media Holdings, which owns 25% of Australian pay-TV platform Foxtel and 50% of the Fox Sports channels, … Read More »

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Stokes “Unlikely” To Try To Top News’ Bid For Consolidated Media

By | Monday June 25, 2012 @ 7:01pm PDT

Don Groves is a Deadline contributor based in Sydney.

If Kerry StokesSeven Group Holdings  is serious about lodging a counter bid for Consolidated Media Holdings, topping News Ltd.’s $A2 billion play for control of the Australian pay-TV investment company, many investors aren’t convinced. The share price of CMH is trading at $A3.41, below News’ offer of $3.50 for the firm which owns 25% of dominant pay-TV platform Foxtel and 50% of  the lucrative Fox Sports channels. “The share price hasn’t moved because  the market does not believe Stokes will make a higher bid,” one media analyst tells Deadline.  Stokes owns 24% of CMH, the second largest shareholder behind James Packer’s Consolidated Press Holdings which has 50.5%. The proposed deal, which Packer welcomed, would give  News full ownership of Fox Sports and 50% of Foxtel.  Two days after News revealed its bid,  Seven Group Holdings asked the Australian Competition and Consumer Commission to review a proposal for Seven to acquire of all of the shares in CMH which it does not own.  The analyst noted that Stokes could afford the $1.5 billion-plus he’d need from the resources of Seven Group Holdings and related company Seven West Media to make a counter offer, but doubted that’s his intention as News controls the management of Foxtel and Fox Sports. Read More »

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Seven Group To Thwart News Corp’s $2Bn Bid For Consolidated Media?

Just days after News Corp made a $2Bn offer to buy James Packer’s Consolidated Media Holdings, the Oz regulator has revealed that a rival bid may be afoot. Billionaire Kerry Stokes’ Seven Group Holdings, which currently … Read More »

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News Corp Purchase Of Consolidated Media Could Boost Earnings 2%, Analysts Predict

By | Wednesday June 20, 2012 @ 3:35pm PDT

Don Groves is a Deadline contributor based in Sydney.

News Corp’s $2 billion offer for James Packer’s Consolidated Media Holdings will boost News’ earnings per share by 2% in the 2014 fiscal year if the deal proceeds, according to … Read More »

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News Corp Offers $2 Billion To Buy Consolidated Media Holdings

By | Tuesday June 19, 2012 @ 6:40pm PDT

Freelance journalist Don Groves is a Deadline contributor based in Sydney

UPDATED: News Corp. is poised to strengthen its dominance of the Australian pay-TV industry after launching a $A1.97 billion bid to buy James Packer’s Consolidated Media Holdings. The deal, which Packer has welcomed, would increase News’ holdings in Foxtel, the leading pay-TV platform, from 25% to 50% and give it full ownership of the lucrative sports channels provider Fox Sports. Packer, who owns 50.1% of Consolidated Media, had flagged his intention to unload his media interests to focus on his casino empire which includes Melbourne’s Crown and Perth’s Burswood.  Packer could use the $1 billion windfall in his battle to wrest control of Echo Entertainment, which owns Sydney’s Star City Casino.  Packer said he welcomes News’ proposal, looks forward to working with News on the detailed terms and conditions, and that he considers the offer price of $3.50 per share as fair. The deal is subject to regulatory approval. Read More »

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