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.