Consolidated Media Holdings

The Australian Competition and Consumer Commission has approved the News Corp (ASX:NWS) for ConsMedia (ASX:CMJ).

Entertainment company, Crown (ASX:CWN) shares have been bought by gambling and media mogul, James Packer. His company, Consolidated Press Holdings (ASX:CMJ) has spent $201 million on 22.6 million shares pushing up his share ownership by about 3 percent to 43 percent.

Consolidated Media Holdings (CMJ) has announced tat it will seek shareholder approval to buyback shares of the company. The share buyback look to acquiring up to 73.8 million shares, or about 11.9 per cent of its current shares on issue (620.7 million shares on issue). James Packer currently holds a 45.3 per cent stake in ConsMedia and Seven Network has a 22.1 per cent stake. The company has $225 million of surplus cash for the share buyback.

Consolidated Media Holdings (CMJ), a company that focuses in the gaming, entertaining, television broadcasting, magazine publishing and distributing, subscription television, investment in internet and other sectors was the worst performer in the ASX100 list that lost 9.8 percent or 33 cents to its stock price closing the week at $3.02.

James Packer, who controls more than 40 percent of Consolidated Media Holdings (CMJ) shares have agreed to provide two seats to Kerry Stokes in the Consolidated Media Board in return of a standstill agreement according to which Mr. Stokes will not purchase more shares without the agreement with Mr. Packer for 12 months. The two representatives of Mr. Stokes, who were given entry in the board are Peter Gammell and Mr. Stoke’s son Ryan.

Lihir Gold Limited (LGL), an Australia based that is engaged in gold mining, exploration and gold processing in the Australasian region was the best performer of the 36th week in ASX100 with a gain of 9.5 percent or 26 cents closing the week at $2.98.

The speculation regarding the possibility of Kerry Stokes backed Seven Network (SEV) going for full Consolidated Media Holdings (CMJ) takeover has boosted the price of the company.

Consolidated Media Holdings (CMJ), a company that is engaged in the business of gaming, entertaining, television broadcasting, program development, magazine publishing and distributing, subscription television, investment in internet was the best performing stocks in ASX100 index for the week 28 with a gain of 17.1 percent or 38 cents in its stock price closing the week at $2.60.

Seven Network (SEV) is expected to announce itself as the second largest stockholder of Consolidated Media Holding (CMJ) controlled by James Packer which came under an unexpected raid from Seven Network on Wednesday.