News Corp eyes $1B Packer Foxtel stake

Company News

News Corp (ASX:NWS) is reportedly looking to increase its stake in Foxtel and eyeing James Packer’s 25 per cent interest for $1 billion.

According to one of NewsCorp’s publications, The Australian, News Corp is the most likely buyer and would have first rights to the interest controlled by Mr Packer’s Consolidated Media Holdings Limited (ASX:CMJ).

The report also suggests Kerry Stokes's Seven West Media Limited (ASX:SWM) could be interested in the stake.

Separately, News Corp’s board of directors has retaliated to an inquiry’s declaration that its chairman Rupert Murdoch is "not a fit person" to head a major international company.

The board has stated its "full confidence” in its leader’s ability amid calls from the public for Mr Murdoch to step down.

News Corp recorded a net profit of $1.9 billion in the first half of the 2012 financial year.

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