James Packer, one of Australia’s most prominent entrepreneurs, has welcomed the $1.97 billion bid from News Ltd that would see him exit the pay-TV sector.
News Ltd has made the $3.50 a share bid for Packer’s Consolidated Media Holdings, which owns 25% of Foxtel and 50% of Fox Sports Australia.
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Packer said in a statement that he “welcomes” the bid, which is part of a major overhaul announced by News yesterday, including an unspecified number of job cuts and the acquisition of AIBM, publisher of Business Spectator.
Australian economy set for slowdown
The Australian economy is set for a significant slowdown later this year, according to a new report.
The Westpac-Melbourne Institute Leading Index predicted that growth in the second half of 2012 will be 0.2%, well down on its 2.9% average.
Nike rebuked for Twitter ad campaign
Nike has been slapped down by the UK’s advertising watchdog for a Twitter ad campaign featuring several of its brand ambassadors.
The sportswear giant requested that soccer players Wayne Rooney and Jack Wilshire post the marketing message to their combined six million Twitter followers, without declaring that the Tweets were part of an ad campaign.
The Dow Jones Industrial Average fell 12.94 points, or 0.10%, to 12,824.39. The Australian dollar was up to US102.01 cents.