The Seven Network will be obliged to make a takeover bid for James Packer’s Consolidated Media Holdings (ConsMedia), after its stake in the pay TV investor edged above 20%.
A share buy-back plan by ConsMedia has resulted in Seven’s stake increasing to 20.96%, up from 19.91% previously, Seven informed the market.
Seven must now make a mandatory offer to takeover ConsMedia under ASX listing rules.
ConsMedia was founded in 2007 as part of a demerger with PBL. It jointly owns a 50% stake in Foxtel with NewsCorp, and owns 50% of Premier Media Group, producers of the Fox Sports channels.