Australia – Seven Network Ltd raised its stake in Consolidated Media Holdings Ltd. (CMH) from 4.8% to 18.32%, in what is seen as an effort to gain influence over leading pay-TV operator, Foxtel. CMH also has stakes in Fox Sports as well as the internet job site Seek. Seven is headed by billionaire Kerry Stokes, who is known for his desire to get into the pay-TV sector. Stokes paid A$234 million (US$181 million) for 82.91 million shares in CMH, which itself has a 25% stake in Foxtel. Telstra (50%) and News Corp. (25%) are Foxtel’s other stakeholders. The move raised speculation of a takeover bid: taking control of CMH gives Seven first shot on Telstra’s 50% share of Foxtel, should the government force the telco to relinquish its stake. However, James Packer, CMH’s billionaire owner, countered last week, by buying up 9.7 million CMH shares for A$25 million, raising his stake from 38.42% to 39.3%. Either party hoping to increase their shareholding are limited to further share purchases of 3% every six months.