News Flash: Murdoch Minor's Big Oz Deal Hits the Canvas

07 April 2008

SYDNEY: The takeover of Consolidated Media Holdings by media dynasty scion Lachlan Murdoch (pictured) and his tycoon tag-team partner James Packer looks to be one step nearer.

The duo are nearing closure of a deal with US private equity firm Providence Equity Partners to fund the A$3.3 billion ($3bn; €1.9bn; £1.5bn) bid.  

Packer's Consolidated Press Holdings already has a 38% share in CMH, which owns the Nine Network and ACP Magazines, 25% of Foxtel (parent company of Fox Sports) and PBL, as well as 50% of web service ninemsn.

Murdoch's private investment company Illyria and Consolidated Press Holdings will be 50–50 joint partners in the deal, and are thought to be incurring A$880 million in debt to help finance the takeover.

Exact details of the arrangement with Providence Equity Partners have not been disclosed; private equity firm SPO Partners of San Francisco had originally partnered with Illyria, but pulled out of the proposed takeover in January.


  • April 7 2008, 06.15 hours
    The deal was called off today (Monday) after three days of fruitless haggling, when Murdoch's partners in the deal - Providence Equity Partners and James Packer's Consolidated Press Holdings - failed to agree on a sale price.

    Data sourced from Sydney Morning Herald; additional content by WARC staff