Seven Group CEO Still Exploring Options on News Bid for ConsMedia

Date : 06/25/2012 @ 10:33PM
Source : Dow Jones News
Stock : News Corp. (MM) (NWSA)
Quote : 14.0  0.07 (0.50%) @ 10:19AM

Seven Group CEO Still Exploring Options on News Bid for ConsMedia

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   By Gavin Lower 
 

MELBOURNE--Seven Group Holdings Ltd. (SVW.AU) Chief Executive Peter Gammell said Tuesday the company was still exploring its options relating to News Corp.'s (NWS.AU) 1.97 billion Australian dollar (US$1.98 billion) bid for pay television investment company Consolidated Media Holdings Ltd. (CMJ.AU).

"We are continuing to explore all options," he said.

Seven Group owns 24% of Consolidated Media and is a key player in News Corp.'s A$3.50-a-share takeover bid. Consolidated Media's largest shareholder, Australian casino mogul James Packer, who owns 50% of the company through his Consolidated Press Holdings Ltd., has said he would support News Corp.'s bid.

Consolidated Media owns a 25% stake in pay television company Foxtel and 50% of sports channel Fox Sports.

News Corp. is the owner of Dow Jones Newswires and The Wall Street Journal.

Write to Gavin Lower at gavin.lower@wsj.com

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