News Summary: News Corp. bids for Australia pay TV

AP News
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Posted: Jun 20, 2012 2:11 PM
News Summary: News Corp. bids for Australia pay TV

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.