Skip to: Content
Skip to: Site Navigation
Skip to: Search

August 20, 2008 4:12:17 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Next-Generation Media Moguls Aim High

Posted Jan 21, 08 12:06 PM CST in World,  Business 

(Newser) – The sons of two legendary Australian media moguls are joining forces in a $2.9 billion bid to take the country’s Consolidated Media Holdings private, The Australian reports. If the deal is approved, Lachlan Murdoch and James Packer will share the diverse media conglomerate 50-50, with Murdoch as the likely executive chairman. CMH has stakes in pay TV, the Internet, and magazines.

Murdoch, now 36, and Packer, 40, lost $1 billion in a failed business venture in 2001. Murdoch has run an investment fund since leaving his father's News Corp, in 2005. He remains a News Corp director. Packer inherited a media, entertainment, and gaming empire from his father, Kerry Packer. He split the media business from the gaming enterprise in November.

Sources The Australian, Reuters

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Facebook Just 'Flavor of the Month': Murdoch

    Jun 23, 08 3:11 PM CDT
    Facebook Just 'Flavor of the Month': Murdoch Rupert Murdoch today insulted the rival of his popular MySpace, calling Facebook the “flavor of the month” and a mere “directory”—on the occasion of his social networking sinking to the No. 2 spot in worldwide traffic. The media mogul said Facebook was not a real social network, and pointed to MySpace’s entertainment focus, the Sydney Morning Herald reports. More »

  • Murdoch Names Thomson New Journal Editor

    May 21, 08 4:00 AM CDT
    Rupert Murdoch has named Wall Street Journal publisher Robert J. Thomson as its top editor, reports the New York Times. Thomson, whom Murdoch made publisher just five months ago, was previously the top editor of Murdoch's Times of London. His appointment is expected to speed the pace of change at the paper, in the wake of the resignation of former managing editor Marcus Brauchli, who was forced out last month. More »

  • Murdoch Drops Newsday Bid

    May 10, 08 1:44 PM CDT
    Murdoch Drops Newsday Bid Rupert Murdoch has dropped his $580 million bid for Newsday. Cable operator Cablevision has offered $650 million for the Long Island daily, and Murdoch’s News Corp. said a higher bid would be “uneconomical.” The media tycoon’s dropout was unexpected, Reuters says, considering Murdoch recently told investors a deal was nearly done. A $580 million bid from Mortimer Zuckerman, owner of the rival Daily News, remains on the table. More »

  • Journal Staff Uneasy as Murdoch Era Rolls On

    May 9, 08 10:59 AM CDT
    Journal Staff Uneasy as Murdoch Era Rolls On Tensions are running high in the Wall Street Journal’s newsroom, the New Republic reports, as staffers wonder just where this Murdoch thing is going. Managing editor Marcus Brauchli’s resignation still hangs heavy in the air. Murdoch pushed Brauchli to resign, and paid him millions to sign a non-disclosure agreement. “We're a business newspaper, so we know a sell-out when we see one,” one angry staffer said. More »

  • MySpace Web's 'Biggest Steal'

    May 8, 08 3:22 PM CDT
    MySpace Web's 'Biggest Steal' MySpace fell short of revenue targets in the most recent quarter, but, Adam Ostrow argues in Mashable, it’s still proven a phenomenal deal since Rupert Murdoch’s News Corp. bought it for $580 million in 2005. Revenues from its unit are pulling close to its purchase price and it’s on track to make more with music downloads, sponsorships and targeted ads. More »

Chairman and CEO of News Corporation Rupert Murdoch.   (Getty Images (by Event))
Lachlan Murdoch is spearheading an effort to privatize the Packer media empire.   (Getty Images)
Rupert Murdoch.   (Getty Images)
Media mogul James Packer   (Getty Images)
« Prev« Prev | Next »Next » Slideshow

Threads (1 of 2)

Tags

Rupert Murdoch  • News Corp  • Lachlan Murdoch  • James Packer  • Consolidated Media Holdings


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »