Packer and Murdoch bid for CMH
James Packer and Lachlan Murdoch have launched a joint $3.3 billion bid for the Packer backed publishing company Consolidated Media Holdings (CMH) which was only listed on the Australian Stock exchange on December 1.
The company was formed after the demerger of PBL, which resulted in the gaming business (Crown) also being listed as a separate entity on the ASX along with the media business (CMH).
CMH is a media investment company, which owns 25% of pay-tv provider Foxtel, 26.9% of online employment business Seek and 50% of subscription television content provider The Premier Media Group, which produces the pay-tv sport channels.
CMH also has 25% interest in PBL Media, which owns ACP Magazines, the Nine Network, and has an interest in Sky News, ninemsn and myhome.com.au
CMH is a top 25 company on the Australian Stock Exchange since the demerger of PBL last November.
This is the second business venture between Lachlan, son of New York based media tycoon Rupert Murdoch, and James, son of the late Kerry Packer who passed away in December 2005 as Australia's richest man.
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