News Limited has been given the go ahead to acquire 100% of the James Packer-backed Consolidated Media Holdings.
The deal would give News Limited control of half of Foxtel – the other half being held by Telstra – and complete ownership of Fox Sports.
The announcement from News Limited:
News Limited’s chief executive Kim Williams today welcomed the Federal Court’s approval of the proposed Scheme of Arrangement to acquire 100 per cent of the shares in Consolidated Media Holdings.
Having already received support from CMH shareholders and approvals from the Australian Competition and Consumer Commission and Foreign Investment Review Board, this means that News can complete the transaction.
Mr Williams said, “FOXTEL and FOX SPORTS are two outstanding companies that have prospered by providing a world-class service to their consumers and advertisers. Seek Asia is also an attractive asset with excellent regional Asian positioning.
“More closely aligning our existing brands with those in the FOXTEL and FOX SPORTS portfolio offers opportunities to better serve customers and to grow all our businesses in a connected way.
“Along with recent investments in businesses such as Business Spectator and Eureka Report (with the acquisition of Australian Independent Business Media) and SportingPulse, and the continuing significant renewal investments in our technology and people, this transaction is a clear demonstration of News’ vision and strategy for future growth.”
News Limited expects the transaction to be completed on November 19.