Telstra Corp. (TLS.AU) has walked away from talks to acquire casino mogul James Packer's stake in Consolidated Media Holdings Ltd. (CMJ.AU), The Australian Financial Review reported Friday.

The newspaper cited sources close to Telstra saying the company has withdrawn from the sale process and said News Corp.'s (NWS) Australian unit, News Ltd., was the most likely buyer.

A spokesman for News Ltd. declined to comment and a spokeswoman for Telstra wasn't immediately available to comment. News Corp. owns The Wall Street Journal and Dow Jones Newswires.

 
   Newspaper website: http://www.afr.com 
 
   -By Melbourne bureau; 61-3-9292-2093; djnews.sydney@dowjones.com
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