SYDNEY: The scions of Australia's most powerful media clans, Lachlan Murdoch (pictured) and James Packer, have allied in a A$2 billion ($1.73bn; €1.19bn; £888m) deal to take private Consolidated Media Holdings.
Packer set up the firm last year to hive off media assets and concentrate on the family firm's more lucrative gaming business, now spun off into Crown.
Consolidated, which has requested a halt in trading its shares, controls 25% of Australia's leading pay-television channel Foxtel; 50% of TV content provider Premier Media Group; 26.9% of the nation's number one employment website; and 25% of press and TV group PBL Media.
Murdoch is expected to become chairman of the 50/50 Consolidated joint venture, apparently dashing father Rupert's hopes that he might return to the News Corporation fold.
Packer and Murdoch juniors last worked together on the ill-fated telco OneTel, which collapsed in 2001.
The pair are zip-lipped over details of their latest alliance and have not divulged the source of Murdoch's stake cash. However, reports in NewsCorp papers insist it has not come from the media empire's coffers.
Data sourced from bloomberg.com; additional content by WARC staff