THE BID: The Australian arm of News Corp. is making a $2 billion bid to take full control of pay TV company Consolidated Media Holdings. The News Ltd. takeover offer would give Rupert Murdoch's global media empire control of a large slice of Australia's pay television industry.
WHAT HAPPENS NEXT: The offer remains subject to approval from the Australian Competition and Consumer Commission and the Foreign Investment Review Board. News Corp.'s board must also approve it.
WHAT ELSE: News Ltd., which owns 70 percent of Australia's newspapers, also announced a major restructure to centralize its Australian operations and reduce duplication.