Behind every billionaire there is a story!

Lachlan Murdoch loses CMH backer

Lachlan Murdoch’s planned media sector comeback has stumbled after he lost the support of one of his chief backers in his proposed A$3.3bn (US$3bn) purchase of Australia’s Consolidated Media Holdings (CMH).

In January, Mr Murdoch joined forces with James Packer in a 50:50 deal to buy CMH, the Australian group containing the remnants of Kerry Packer’s media empire. The move was expected to resurrect the media career of Rupert Murdoch’s eldest son.

However, Illyria, Lachlan Murdoch’s private company, yesterday said SPO Partners, a private San Francisco firm founded by former advisers to the Bass family of Texas, had withdrawn its equity finance commitment.

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http://www.ft.com/cms/s/0/ed3b3388-ebe7-11dc-9493-0000779fd2ac.html?nclick_check=1