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