News Corp. seals US$2.1 billion pay-TV acquisition in Australia
November 1, 2012, 11:47 am TWN
MELBOURNE -- Rupert Murdoch's News Corp. boosted its share of Australia's pay-TV market after shareholders in Consolidated Media Holdings Ltd. voted in favor of a AU$2 billion (US$2.1 billion) takeover offer from News.
The deal will double the stake of News Corp.'s Australian arm in dominant pay TV operator Foxtel to 50 percent and give it 100 percent of content provider Fox Sports, increasing its pay-TV exposure at the same time as it cuts costs at its print operations.
Consolidated Media said shareholders at a meeting on Wednesday voted 99.9 percent in favor of the takeover.