By Gavin Lower 
 

MELBOURNE--Consolidated Media Holdings Ltd. (CMJ.AU) said Tuesday it expects News Corp.'s (NWS) 1.97 billion Australian dollar (US$2.06 billion) takeover bid to be completed in the fourth quarter of 2012, subject to shareholder and court approvals, as it reported a 2.4% increase in net profit for the fiscal year.

The media investment company said net profit for the year to June 30 was A$97.9 million, up from the previous year's A$94.8 million.

The company, which owns 25% of Australia's leading pay television company Foxtel, said in a statement that while a number of pre-conditions to News Corp.'s bid for Consolidated Media remained outstanding, it expects those pre-conditions to be satisfied and that the Scheme Implementation Deed would be finally negotiated and signed "during the next six weeks."

But the company also said it could not give an assurance that the proposed deal would go ahead. The company said it will pay a final dividend of 6 Australian cents a share, the same as last year.

News Corp. owns The Wall Street Journal.

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

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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