News Corp. Makes $2 Billion Australia Pay-TV Bid
News Corp. (NWSA) Wednesday made a $2 billion takeover offer for Australian pay-TV provider Consolidated Media Holdings. Gambling magnate James Packer, CMH's largest shareholder, said he would accept the offer unless there was a higher bid. Packer owns stakes in casinos in Australia, London, Macau and Las Vegas and is reportedly exiting the media business to focus on his casino business. Packer holds a 50.1% stake in CMH. CMH is a media investment
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