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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

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