More due diligence on CMH | |
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06-03-2008
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Lachlan Murdoch's bid to buy into some of Australia's most high-profile media properties may take longer than expected. Murdoch's Illyria may be granted an extension to its four-week period of due diligence on Consolidate Media Holdings (CMH), the Jamie Packer-backed holding company which owns 25% of Nine Network plus stakes in pay-TV operation Foxtel and Fox Sports operator Premier Media. Illyria's bid is being partly financed by US investment group SPO and partly by a group of banks led by ANZ. The deal values CMH, which is publicly listed, at A$3.3 billion. Murdoch is hoping to turn CMH into more than an investment vehicle, with plans for it to become an operating company.
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