Next-Generation Media Moguls Aim High
Murdoch Jr., Packer Jr. set sights on Oz's No. 2 conglomerate
By Jim O'Neill,  Newser User
Posted Jan 21, 2008 12:06 PM CST
Chairman and CEO of News Corporation Rupert Murdoch.   (Getty Images (by Event))
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(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.