By Gavin Lower

MELBOURNE--Australian media investment company Consolidated Media Holdings Ltd. (CMJ.AU) said Friday that it received a binding takeover bid from News Corp. (NWS) at A$3.45-a-share, valuing the company at 1.94 billion Australian dollars (US$2 billion).

The bid is less than the A$3.50 non-binding cash offer News Corp. made for the company in June.

Consolidated Media said in a statement that shareholders would also receive a final dividend of 6 Australian cents a share, which means they would receive the equivalent of A$3.51 for each of their shares under News Corp.'s bid.

News Corp. is the owner of this newswire.

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

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

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