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Murdoch’s TV Empire To Grow Even Bigger

Rupert Murdoch’s vast and wealthy News Corp. empire is set to grow even bigger in the near future, with an impending $2 billion buyout of Consolidated Media Holdings. CMH currently holds a 25 percent investment in Australia’s primary pay-TV service FOXTEL and a 50 percent stake in FOX Sports Australia. Murdoch’s bid is likely to be accepted in lieu of any higher offers by current 50 percent stakeholder James Packer, as he moves out of the media industry and continues investing more of his money into casinos.

The move would add another 25 percent to Murdoch’s current 25 percent stake in FOXTEL and would also leave FOX Sports Australia completely under News Corp’s control. The deal is to be reviewed by the News Corp. board, who are expected to be satisfied with the $1.966 billion value of the company, and by the Australian Competition and Consumer Commission, who will closely scrutinize Murdoch’s hegemonic dominance of the country’s TV industry. If approved, the buyout is predicted to take several months to complete.

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