A $3 billion bid for control of Australia's Consolidated Media Holdings by Rupert Murdoch’s son, Lachlan, is dead in the water after Murdoch’s financial backers and CMH—a major magazine and TV player—failed to agree to a price for the takeover, the Australian reports today. The original deal set a $4.80 share price; Murdoch’s equity partners, Providence Equity Partners, would only pay $4.60.
CMH owns parts of some of Australia’s top media properties, including the Foxtel pay-TV platform and Nine Network. Murdoch and CMH heir James Packer—whose fathers were once bitter business rivals—were to be 50-50 partners, but Packer recently decided he wanted only a 25% share. The move forced Murdoch's team to come up with additional funding, which sank the deal.