The World: Sydney - Murdoch in $2.9bn bid for Consolidated Media

Lachlan Murdoch and the Australian gaming magnate James Packer have launched a $2.9 billion bid for the Packer-backed publishing company Consolidated Media Holdings.

The deal would mark Lachlan's first big move since quitting his father's business in 2005. It is the second major effort by the two rival media empires to forge a venture after backing One.Tel, a telecommunications company that collapsed seven years ago.

This move comes less than three months after James separated his late father Kerry Packer's media business from gaming to focus on his gambling operations.