Updated below: The two-year wait for Lachlan Murdoch’s major media move is finally over. The Australian newspaper is reporting that he’s crafted a $1.75 billion (AUS$2 billion) deal to take Australia’s Consolidated Media Holdings Ltd. private. The paper didn’t mention sources but said it “understands” an announcement will be made to the Australian Securities Exchange Monday and that the deal will go CMH shareholders later this year.
Murdoch returned to Australia and set up a private investment fund, Ilyria Pty, Ltd., following his 2005 surprise departure from News Corp. (NYSE: NWS), where he was believed to be on his way to one day succeeding his father Rupert at the company’s helm. He is still on the News Corp. board. The Australian, which is owned by News Corp., stressed that the funds for the CMH deal were raised outside of the company.
Details of the new JV: According to the paper, Murdoch and CMH deputy chairman James Packer each will own 50 percent in a new joint venture. It will include:
– CMH
Comments have been disabled for this post