James Packer, Lachlan Murdoch make $2.9-billion joint bid for Consolidated Media
22 Jan 2008
Mumbai: Australian gaming magnate James Packer has roped in Lachlan Murdoch, son of media tycoon Rupert Murdoch, to launch a joint A$3.3 billion ($2.9 billion) bid to acquire Consolidated Media Holdings CMJ.AX, a publishing company in which James Packer is the biggest shareholder.
The move comes less than three months after Packer separated his late father Kerry Packer's media business from gaming to focus on building up the gambling operations.
This is also the first major business move by Lachlan since quitting his father's business in 2005.
The sons of the media moguls are each expected to take a 50 per cent stake in the joint venture vehicle Consolidated Media, which was formed from the split late last year.
Consolidated Media has 25 per cent stake in pay-TV Foxtel, 25 per cent of PBL Media and about 27 per cent of on-line job site Seek Ltd.
Lachlan Murdoch, still a director of News Corp, left his father's business in 2005 and now runs a private investment fund.
