Australia’s Consolidated Media Holdings Ltd is going private with Lachlan Murdoch, and they are doing it without News Corp. Lachlan Murdoch is the son of media tycoon and News Corp owner Rupert Murdoch. Lachlan left his father’s company in a sudden 2005 departure walking away from a chance to succeed the media throne one day.
Lachlan opened his own company in Australia called Ilyria Pty, Ltd. The Consolidated Media Holdings (CMH) deal is valued at $2 Billion AUS ($1.75 Billion USD). Lachlan will be going in 50/50 with James Packer of CMH and forming a new, private joint venture, yet to be named.
The new Joint Venture and the purchase itself will require approval by the CMH board before going forward. As of yet the proposed deal has several undisclosed conditions placed on it, which all parties have yet to sign off on. Should the parties involved reach a consensus and then obtain board approval, the proposed joint venture would include:
Lachlan Murdoch and CMH deputy chairman James Packer each will own 50 percent in a new joint venture. It will include:
– CMH’s 25 percent stakes in Foxtel and PBL Media (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.com.au).
– a 50 percent stake in Fox Sports and 27 per cent of online recruitment firm Seek.
Lachlan has made other investments with his company in Australia. Among these are SpotRunner and QuickFlix, and online Aussie DVD service.
