Consolidated Media shareholders have voted overwhelmingly to sell the company’s stake in Foxtel to News Limited.
More than 99 per cent of shareholders voted in favour of the proposal at a meeting in Perth on Wednesday, clearing the path for the $1.94 billion takeover deal to go ahead.
Only 0.09 per cent of shareholders voted against the proposal which was recommended by board members because no superior offers were made.
Shareholders will receive $3.45 per share under the scheme.
Earlier this month the competition regulator ruled out a potential rival bid by the Seven Group.
Consolidated Media, which holds a 50 per cent stake in pay TV channel producer FoxSports and 25 per cent of Australia’s largest TV operator Foxtel, will apply for federal approval for the sale on Friday.
Before the vote, ConsMedia executive chairman John Alexander said board members were unanimously behind the deal.
Billionaire James Packer, who heads ConsMedia’s biggest shareholder Consolidated Press Holdings, had also backed the deal.
“No superior proposal has been received by CMH since it first announced on May 4 that it had had very preliminary discussions about a potential control transaction,” Mr Alexander told shareholders.
