Revised News Corp offer clears way for James Packer to focus on gambling

Consolidated Media Holdings agreed to back a revised takeover offer from Rupert Murdoch’s News Corp of A$2 billion (US$2.06 billion), giving News Corp a greater share of the nation’s pay-TV market.

A successful takeover clears the way for CMH’s largest shareholder, billionaire James Packer, to exit the last of his media ventures as he focuses on gambling.

The deal will double the stake of News Corp’s Australian unit in the nation’s dominant pay-TV business Foxtel to 50 per cent and give it 100 percent of content provider Fox Sports.

via Business feed http://www.scmp.com/business/companies/article/1031451/revised-news-corp-offer-clears-way-james-packer-focus-gambling