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News Corp is set to increase its presence in Australia’s subscription-TV market after Consolidated Media Holdings shareholders approved its 1.94 billion Australian dollar ($2.01 billion) bid for the company.
The deal will see News Corp double its stake in Australian subscription-TV provider Foxtel to 50 per cent, and gain full ownership of sports-channel Fox Sports. Australia’s largest telephone company Telstra Corp. owns the remaining 50 per cent of Foxtel.
The deal has to go to Australia’s Federal Court for approval – something investors see as a formality – before being completed on November 19th.