Industry speculation is mounting that media and gaming mogul James Packer could sell his controlling stake in Consolidated Media to Telstra.
According to a report in the Australian Financial Review, there is a high chance Packer will sell off his interests in the group as he focuses more on gaming.
It has been speculated Telstra chief executive David Thodey will make a play for the controlling stake, which would give Telstra a larger share in Foxtel. Telstra already owns 50% of Foxtel, but Consolidated Media has 25%.
Other players who could make a move for Consolidated Media are media moguls Rupert Murdoch and Kerry Stokes. Stokes is a minority shareholder in Consolidated Media, while Murdoch will be interested because he owns the other 25% of Foxtel through News Limited.
Murdoch also owns half of Premier Media Group, which is half owned by Consolidated Media.
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