A successful bid would give the Murdoch company 50% of pay-TV giant Foxtel - making it a joint owner with Telstra - and full ownership of sports broadcaster Fox Sports Australia, further strengthening News Corp's hold on media in the territory.
CMH, which saw its shares rise more than 10% after the takeover bid, is a listed media investment company 45%-owned by James Packer and 22%-owned by Kerry Stokes's Seven Group Holdings.
Packer, whose Consolidated Press Holdings (CPH) owns a controlling stake in CMH, has announced his support for the plan, saying: "CPH welcomes News' proposal and looks forward to [CMH] and News working together to address the detailed terms and conditions."
He told the Australian Financial Review: "This is a good deal for News Ltd and it is a good deal for Consolidated Media shareholders... News Corp around the world has done a great job building a TV business. That is what it is - primarily a TV business."
However, Seven Group Holdings has said that it "will review the proposal and is considering its options".
The offer remains subject to a number of conditions, and will crucially need approval from the Australian Competition and Consumer Commission, while the News Corp board itself must also approve the deal.
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