Lachlan Murdoch, son of media tycoon Rupert Murdoch, and Australian gaming magnate James Packer will join forces to buy publishing company Consolidated Media Holdings, reports Reuters, citing a report on the website of News Corp-owned The Australian newspaper. The deal, worth some A$2bn ($1.75bn), will see Murdoch and Packer each take a 50% stake in a joint venture vehicle to run the company. Consolidated was formed from the split of Packer’s former gaming and media conglomerate Publishing & Broadcasting. An announcement on the deal is likely later Monday, The Australian said. It is believed that Lachlan Murdoch, who set up a private investment fund after resigning as an executive with News Corp in 2005, will become the newly-privatised vehicle’s executive chairman. He has raised the capital to fund the deal outside News Corp.  The new joint venture will include CMH’s 25% stakes in Foxtel and PBL Media, a 50% stake in Fox Sports and 27% of online recruitment firm Seek. PBL Media owns the Packer family’s one-time flagship Nine Network and ACP Magazines, as well as stakes in online ventures such as ninemsn and carsales.co

This entry was posted by Gwen Robinson on Monday, January 21st, 2008 at 5:50 and is filed under Capital markets, M&A, People. Tagged with Consolidated Media Holdings, james packer, lachlan murdoch. Edit this entry.