Rupert Murdoch's Australian arm News Limited on Wednesday made an Aus$1.97 billion (US$2.0 billion) takeover bid for James Packer's majority-owned media investment firm Consolidated Media Holdings.
"News confirms it has put a conditional proposal to Consolidated Media, which, if implemented, would result in News acquiring 100 percent of Consolidated Media at a cost of approximately Aus$1.97 billion," News said in a statement.
News Ltd offered Aus$3.50 for each Consolidated Media share, with the offer subject to several conditions, including approval from the competition watchdog.
Consolidated Media, which is focused on subscription television, owns 25 percent of pay-tv provider Foxtel, and half of Premier Media Group, which runs subscription television channels including Fox Sports.
In a statement, Packer said he welcomed the proposal, which he said was a fair offer for the firm formed when Publishing and Broadcasting Ltd, founded by his grandfather Frank Packer and run by his father Kerry, changed its name in 2007.