Reuters: Regulatory News: UPDATE 1-Packer media exit plan wins nod from Australian regulator

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Packer media exit plan wins nod from Australian regulator Aug 2nd 2012, 01:49 Wed Aug 1, 2012 9:49pm EDT * Regulator clears News Corp's pay-TV bid * Pay-TV seller James Packer ups chase for Asia VIP gamblers * Packer's Crown to work with Lend Lease on Sydney harbour complex * Regulator says pay-TV competition not at risk * Possible rival bid still being assessed MELBOURNE, Aug 2 (Reuters) - Australia's competition regulator said it would not oppose a $2.1 billion bid by Rupert Murdoch's News Corp for pay-TV stakeholder Consolidated Media Holdings, clearing the way for billionaire James Packer's exit from media as he pursues gaming. The nod for Packer, who is the top Consolidated Media shareholder with a 50.1 percent stake, came within hours of announcements of casino-hotel expansions by Packer in both Perth and Sydney. News offered A$2 billion ($2.10 billion) for Consolidated Media in June to bolster its pay-TV assets in the Australian market, where it has extensive print media interests. Packer has backed the News Corp offer in lieu of a higher bid. If successful, the A$3.50 a share bid for Packer's pay-TV interests would double News' stake in the nation's dominant pay-TV business Foxtel to 50 percent and give it 100 percent of content provider Fox Sports.. Packer, who controls gaming group Crown has already built stakes in casinos in Australia, London, Macau and Las Vegas. Developer Lend Lease Group said on Thursday it had agreed to work exclusively with Crown on a planned resort on Sydney harbour, subject to state government approvals. Lend Lease has already secured A$2 billion in funding for the first two commercial towers at the proposed complex. Crown also said on Wednesday it would spend A$568 million building a 500-room hotel at its casino in Perth, in the state of Western Australia. "He wants to definitely get out of media assets. His main aim is to build a global casino empire. It's all about the global VIP play, the growing affluence in Asia and tourism he's trying to capture," said said Karara Capital portfolio manager Akshay Chopra. The competition regulator is still assessing a rival proposal from Seven Group Holdings, controlled by billionaire Kerry Stokes, that it buy all Consolidated Media shares it does not currently own. Seven holds a 24 percent stake in Consolidated. After the ACCC announcement, shares in Crown traded down 0.7 percent at A$8.41, while CMH rose 0.2 percent to A$3.44. News Corp rose 0.5 percent to A$22.10 and Seven Group gained 0.1 percent to A$7.18. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions