Consolidated Media Holdings
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Consolidated Media Holdings

Consolidated Media Holdings
Public
Traded asASXCMH
IndustryMedia
FateAcquired by News Corporation
Founded30 November 2007 (2007-11-30)
Defunct2 November 2012 (2012-11-02)[1]
Headquarters54 Park Street
Sydney, Australia
Websitewww.cmh.com.au Edit this on Wikidata

Consolidated Media Holdings (CMH) was an Australia investment company focused on subscription television.

History

Consolidated Media Holdings (CMH) was a publicly listed Australian company (ASX:CMJ). Its two largest shareholders were Consolidated Press Holdings Limited and Seven Network Limited.

CMH was formed following a name change by Publishing and Broadcasting Limited (PBL), and the PBL and Crown Schemes of Arrangement, in November 2007.

CMH had a 25 per cent interest in FOXTEL. CMH's stake in Foxtel was held jointly with News Corporation through the joint-venture vehicle Sky Cable Pty Ltd. The remaining 50% share of Foxtel is owned by Telstra Corporation through the holding company Telstra Media Pty Ltd.

CMH had a 50 per cent shareholding in Fox Sports Pty Limited (FOX Sports, SPEED, FOX Footy, FOX Sports News and FUEL TV), with the other 50 per cent held by News Corporation.

CMH previously held a 50% interest in PBL Media, with assets including the Nine Network, NBN Television, Sky News Australia, Australian Consolidated Press, NineMSN, CarSales, Ticketek and Acer Arena. In September 2007 CMH sold down a further 25% of their interest in PBL Media to CVC Asia Pacific. This was followed in December 2008 with CVC Asia Pacific injecting over $300 million AUD into PBL Media, which resulted in CMH's shareholding being diluted to less than 1% of the company.

Investor history

The company was originally controlled by the Packer family.

In early July 2008 the Seven Network bought a $100 Million stake in CMH, equal to 4.82% of the company.

On 16 December 2008, PBL Media issued a press release stating that the company's majority shareholder, CVC Asia Pacific, had refinanced debt facilities as well as injecting in excess of $300 million AUD. CMH stated that they would not be investing any further funds, and as such, CMH's 25% interest became diluted to a stake less than 1%.

In July 2009 the Seven Network purchased a further approx. 13% shareholding in CMH, bringing Seven's total shareholding to approx. 18%. Within days CPH had increased its stake by approx. 1.5% to approx. 40%. On 15 July 2009 the Seven Network further increased their stake to approx. 19.5%

On 25 August 2009 CMH announced the sale of 54 Park Street, Sydney (the long time Packer family HQ) to AMP Capital Investors for $50 million.

On 26 August 2009 CMH announced the sale of all shareholdings in Seek.com.au to institutional investors. Sale price was $5.05 per share.

News Corporation submitted a bid for Consolidated Media Holdings in 2012.[2]Seven Group Holdings also submitted a bid.[3] The Australian Competition and Consumer Commission (ACCC) approved the takeover bid placed by News Corp,[4] however, denied the bid placed by Seven Media Holdings.[5]

The News Corporation takeover was approved by both the shareholders and the Federal Court, taking effect on 2 November 2012 and this ended the Packer family control of any large TV, newspaper, news or media company.[1]

Major shareholders

Before News Corp. became the sole shareholder, Consolidated Media Holding's shareholders were:

Assets

Consolidated Media Holdings had shares in the following companies:

References

  1. ^ a b "News Limited seals pay TV deal after Federal Court approves CMH takeover". The Australian. 2 November 2012. Retrieved 2012.
  2. ^ "News Limited in takeover bid on Consolidated Media". TV Tonight. 'David Knox'. Retrieved 2012.
  3. ^ Australia OK on News Corp's Consolidated Media bid
  4. ^ "ACCC not to oppose News Corporations proposed acquisition of Consolidated Media Holdings Limited". 'Australian Competition and Consumer Commission'. Retrieved 2012.
  5. ^ "ACCC to oppose Seven Group Holding's proposed acquisition of Consolidated Media Holdings". 'Australian Competition and Consumer Commission'. Retrieved 2012.

External links


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.

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