{"id":88252,"date":"1999-12-31T00:06:00","date_gmt":"1999-12-30T13:06:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/telstra-to-pounce-packers-25-foxtel\/"},"modified":"1999-12-31T00:06:00","modified_gmt":"1999-12-30T13:06:00","slug":"telstra-to-pounce-packers-25-foxtel","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/telstra-to-pounce-packers-25-foxtel\/","title":{"rendered":"Telstra To Pounce Packers 25% Foxtel?"},"content":{"rendered":"

Telstra and News Ltd are said to be eying a further 25% stake in Pay TV giant as James Packer looks to sell up.<\/p>\n\n\n\n
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The move could see Telstra who currently own 50% of Foxtel, along with News Limited and Consolidated Media Holding, both of whom hold a 25% stake, dramatically increase its ownership of the Pay TV giant. <\/p>\n

Packer, who owns a 50% stake in Consolidated Media Holdings is said to be about to sell his Foxtel stake, as he looks to focus on his casino interests, eyeing a potential merger between Crown Casino in Melbourne and Sydney’s newly revamped Star. <\/p>\n

News Limited are also toying with the idea of increasing its ownership in Foxtel, reports The Australian<\/a>.<\/p>\n

Telstra CEO David Thodey recent declared his telco could be interested in increasing its stake in Foxtel pushing its ownership to 75%, making News the minority shareholder. <\/p>\n

But according to The Australian, News Limited would have “first rights” to purchase the stake held by Consolidated Media.<\/p>\n

And any purchase by Telstra would have the competition watchdog sniffing around, something which Thodey noted when asked by investors recently:<\/p>\n

“If James Packer was selling that asset, yes we would consider it but there are many things we need to consider — the regulator, the price and what we would do with it in the future,” he said. <\/p>\n

The sale process is said to have commenced in the last month, although there has been no formal soundings on any sale. <\/p>\n

Mr Packer could ask for $4 per share, pushing the sale price towards the $1bn mark.<\/p>\n

 <\/div>\n

Foxtel’s future also looks significantly brighter since its recent $2bn bid for regional player Austar was approved by the ACCC. <\/p>\n

Telstra have been expanding their digital media business of late and have established a separate business to deal solely with its multimedia interests including video, so more control over Foxtel content could be very useful. <\/p>\n

The telco did not reply to comment when contacted by Smarthouse. <\/p>\n","protected":false},"excerpt":{"rendered":"

Telstra and News Ltd are said to be eying a further 25% stake in Pay TV giant as James Packer looks to sell up.<\/p>\n","protected":false},"author":41,"featured_media":93582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,25],"tags":[],"class_list":["post-88252","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-archive","category-services","post_format-post-format-gallery"],"yoast_head":"\nTelstra To Pounce Packers 25% Foxtel? - Smart Office<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/telstra-to-pounce-packers-25-foxtel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Telstra To Pounce Packers 25% Foxtel? 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