News Ltd offers $1.97b for Cons Media
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News Ltd has made a $1.97 billion takeover bid for James Packer's Consolidated Media Holdings.
ConsMedia owns 25 per cent of Foxtel and has a 50 per cent stake in Fox Sports.
Foxtel is half owned by Telstra Corporation, with Rupert Murdoch's News Corporation and ConsMedia each holding a 25 per cent stake.
Meanwhile, Fox Sports is a 50:50 partnership between ConsMedia and News Corp.