Murdoch makes takeover bid for Packer media group

SYDNEY (AFP) - Tycoon James Packer's majority-owned Consolidated Media Holdings on Friday said it had received a formal US$2 billion (S$2.5 billion) takeover offer from Rupert Murdoch's News Limited.

News Limited offered A$3.45 a share for the media investment company, which is focused on subscription television.

This is less than the A$3.50 non-binding cash offer it made in June and values the firm at A$1.94 billion (S$2.5 billion).

If successful, News Limited would emerge with 50 per cent control of Foxtel, the country's biggest pay TV operator, and all of Fox Sports.