Lachlan Murdoch is poised to make a comeback in the Australian media sector after joining forces with James Packer to take private the remnants of the late Kerry Packer's media empire.
Under a A$3.31 billion (€1.97 billion) indicative offer announced yesterday, the scions of two of Australia's most prominent families would each control 50 per cent of Consolidated Media Holdings (CMH). The business was built by Kerry Packer but dismantled by James over the past 18 months.
The deal will give Mr Murdoch (36) - the one-time heir apparent to his father Rupert Murdoch at News Corp - a platform through which to rekindle his media career. He has kept a relatively low profile since resigning as News Corp's deputy chief operating officer in 2005 to return to Sydney with his Australian wife.
While the deal will bring him only a half-share in a business that holds only minority stakes in media interests, he insisted he was well positioned to develop CMH.
Irish property group Ballymore, meanwhile, has been cited as a possible buyer for the east London headquarters of News Corp's British newspaper arm.
The 14-acre Wapping property is expected to come to the market this week. - ( Bloomberg/Financial Times service )
