Oct 11, 2012

Stokes backs News Ltd, cashes in on Cons Media

Kerry Stokes' Seven group won't be allowed to bid for Consolidated Media Holdings. But it will reap half-a-billion dollars from News Limited instead.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

Kerry Stokes’ Seven Group Holdings will receive around half a billion dollars in cash from the Murdoch empire after announcing today it would support News Limited’s takeover bid for Consolidated Media. Seven’s decision followed the Australian Competition and Consumer Commission rejecting its application to make a bid for Consolidated Media Holdings.

Seven Group owns 25% of Cons Media and James Packer’s private company has 55%. Packer has already announced his support for the News Ltd move, which will give it control of Fox Sports and half of Foxtel, restoring the situation that existed before the Super League war and settlement which saw the late Kerry Packer negotiate a 25% stake in Foxtel (carved out of News Ltd’s 50% stake) and half the News stake in Fox Sports.

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One thought on “Stokes backs News Ltd, cashes in on Cons Media

  1. izatso?

    NEIN-Nine-NEIN …… lifeline ….. sharkbait ….. woo-hoo ….

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