News Corp. Lands Approval For $2B Australian Pay-TV Deal

Law360, New York (October 31, 2012, 11:55 AM EDT) -- A unit of Rupert Murdoch’s News Corp. media empire will bite deeper into Australia’s pay-TV market after shareholders in Consolidated Media Holdings Ltd. on Wednesday voted in favor of plans for an AU$1.94 billion (US$2 billion) buyout.

Through the transaction, News Ltd. will lift its 25 percent stake in leading subscription-based cable television provider Foxtel to 50 percent and will take full ownership of Fox Sports Australia, breaking up the 50-50 joint venture it shares with CMH.

“The resolution to approve the proposed scheme of arrangement...
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