News Corp. Floats $2B CMH Bid To Double Aussie TV Stakes

Law360, New York (June 20, 2012, 4:20 PM EDT) -- A division of Rupert Murdoch's News Corp. has laid out a $2 billion offer for Australia's Consolidated Media Holdings Ltd., priming a deal that would double the Murdoch empire's stake in certain Australian television assets, CMH confirmed Wednesday.

The AU$3.50-per-share ($3.57-per-share) proposed purchase price represents a 14 percent premium over Tuesday's closing price, but the stock shot up as high as AU$3.43 in Wednesday trading after the prospective deal was announced.

In the deal, News Corp.'s Australian media conglomerate News Ltd. would boost its stake in...
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