ConsMedia denies Foxtel speculation

Company News

James Packer’s controlled Consolidated Media Holdings Limited (ASX:CMJ) claims it's not considering selling its 25 per cent interest in pay TV operator Foxtel.

The statement comes one day after reports emerged News Corp (ASX:NWS) and Seven West Media Limited (ASX:SWM) are eyeing the stake for a price tag of as much as $1 billion.

Consolidated Media has today revealed it has had preliminary discussions concerning a possible control proposal, but the company says these talks did not result in an offer and that it is not considering a sale of its Foxtel interest.

Foxtel’s other major shareholders include News Corporation with a 25 per cent interest and Telstra Corporation Limited (ASX:TLS), with a 50 per cent interest.

Consolidated Media Holdings posted a net profit of $42.1 million in the first half of the 2012 financial year.

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