Behind every billionaire there is a story!

Lachlan Murdoch and Packer bid for Australian media company

Lachlan Murdoch and the Australian gaming magnate James Packer made a joint 3.3 billion Australian dollar, or $2.86 billion, offer Monday to buy out Consolidated Media, the Packer-backed publishing company.The deal would mark the first big business move by Lachlan Murdoch, the son of the media tycoon Rupert Murdoch, since quitting his father’s business in 2005, and is the second major effort by the two rival media empires to forge a venture, after backing One.Tel, a telecommunications company that collapsed in 2001 owing 600 million dollars.

The move comes less than three months since Packer separated the media business of his late father, Kerry Packer, from gambling holdings to better focus on building up the gambling operations.

The sons of the media moguls are each expected to take a 50 percent stake in the joint venture, Consolidated Media, which was formed from the split late last year.

read the rest published by IHT here:

http://www.iht.com/articles/2008/01/21/business/21murdoch.php