Consolidated Media Holdings’ board approved a takeover of the Australian media investment company by media conglomerate News Corporation today.
The board said that it approved the takeover after shareholders at Wednesday’s meeting voted 99.9 per cent in favour of the the A$2 billion (€1.6 billion/$2.1 billion) deal.
The deal will allow News Corp to double its shareholding in Australia’s dominant pay-television operator Foxtel to 50 per cent, and will also increase its stake in pay-television broadcaster Fox Sports Australia from 50 per cent to 100 per cent.
The transaction received regulatory approval in June, and is set to be completed on November 19.