BREAKFAST DEALS: Murdoch's box seat

News Ltd looks close to picking up James Packer's ConsMedia stake as rival Telstra walks away.

News that Telstra is running the numbers on Nine Entertainment makes a lot more sense now that we find the telco has walked away from James Packer and his stake in Consolidated Media Holdings. It appears the ACCC’s strong concerns for Telstra getting a bigger slice of Foxtel have had an effect. Speaking of Packer, the writedown at Echo Entertainment could not have been better timed for his Kerry Stokes-style play for control. Elsewhere, one analyst thinks Newcrest Mining might have to raise capital if the gold price falls a little further, while both Qantas and David Jones are pouring cold water on M&A speculation surrounding their challenged companies.

News Limited, Consolidated Media Holdings, Telstra Corporation, Nine Entertainment

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