Rupert Murdoch's News Limited in $2bn CMH takeover bid

Rupert Murdoch's News Limited has made a $2bn (£1.3bn) takeover bid for James Packer's Consolidated Media Holdings (CMH).

The move is being seen as an attempt by Mr Murdoch to further strengthen his position in Australia's media sector.

A successful bid will give News Limited a 50% stake in Australia's dominant pay TV business, Foxtel and 100% control of Fox Sports.

CMH shares rose more than 10% after the takeover bid.

Mr Packer said in a statement that he welcomed the proposal and "looks forward to Consolidated Media and News working together to address the detailed terms and conditions".

Source & Image : BBC