Stokes & Consolidated Media Holdings
Someone has been buying up a big chunk of Consolidated Media Holdings, a Packer company. Consolidated Media has stakes in pay TV operator Foxtel, Premier Media Group (Fox Sports) and online jobs portal Seek.
It was revealed recently that Kerry Stokes of the Seven Network was behind the acquisition, accumulating a 19.91% stake in Consolidated Media. This was enough to re-focus the attention of James Packer to up his stake to combat any potential control issues.
So now that Stokes has just about reached the maximum level without having to declare his plans, what will happen? Will he gradually increase his stake bi-annually or will he launch a takeover bid? An interesting one to follow.
