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MUMBAI:
Australian media scion Lachlan Murdoch, who parted ways with
News Corporation three years back, is said to be teaming up
with another scion James Packer in Australia.
The
aim of the JV is to privatise Packer's Consolidated Media
Holdings (CMH), which, according to media reports, is Australia's
second largest media companty. The two have offered to buy
the shareholders stake for $3.3 billion.
Should
the deal go through, Murdoch and Packer would have a 50 per
cent stake in the company.
CMH
owns 25 per cent stakes in Foxtel, the Nine Network and in
ACP magazines, which publishes the Women's Weekly,
The Bulletin and Woman's Day. Murdoch and Packer
had worked together as directors of the telecom company One-Tel
that collapsed in 2001.
Reports
add that this move, which will allow both of them to gain
a sizeable presence in the pay television and new media arenas,
is an attempt to distance themselves from the famous media
empires built by their fathers.
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