News Corp (NWSA) to Invest $2B for Larger Stake in Popular Australian Broadcaster
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According to reports Wednesday, News Corp. (Nasdaq: NWSA) is looking to double its investment in Australia's Consolidated Media Holdings to the tune of A$2 billion (about $2 billion), or A$3.50 per share.
The amount will increase News Corp.'s position in Consolidated Media's Foxtel unit to 50 percent. In addition to the new ownership, News Corp. is also said to plan job cuts at Consolidated Media's newspaper division as it shifts to the more-profitable broadcasting market.
Current 50 percent owner of Consolidated Media, James Packer, is backing the deal. Packer inherited the stake following his father's death in 2005 and is looking to cut ties with the media company in order to focus on his casino business.
Closing date on submissions is set for July 11th, with the Australian Competition & Consumer Commission expected to release findings by August 2nd.
Foxtel broadcasts the most popular games in the Australian Football League as well as the National Rugby League.
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According to reports Wednesday, News Corp. (Nasdaq: NWSA) is looking to double its investment in Australia's Consolidated Media Holdings to the tune of A$2 billion (about $2 billion), or A$3.50 per share.
The amount will increase News Corp.'s position in Consolidated Media's Foxtel unit to 50 percent. In addition to the new ownership, News Corp. is also said to plan job cuts at Consolidated Media's newspaper division as it shifts to the more-profitable broadcasting market.
Current 50 percent owner of Consolidated Media, James Packer, is backing the deal. Packer inherited the stake following his father's death in 2005 and is looking to cut ties with the media company in order to focus on his casino business.
Closing date on submissions is set for July 11th, with the Australian Competition & Consumer Commission expected to release findings by August 2nd.
Foxtel broadcasts the most popular games in the Australian Football League as well as the National Rugby League.
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