SYDNEY: Shares in Consolidated Media Holdings slumped 7.5 per cent after Kerry Stokes and James Packer called a temporary truce in their battle for control of the company.
Stokes' Seven Network, which holds 19.9 per cent of ConsMedia after recent share raids, pledged not to acquire any further interest in the pay TV company for the next 12 months.
The standstill agreement was reached with ConsMedia's 40.8 per cent shareholder, Packer's Consolidated Press Holdings.
ConsMedia stock fell A30c to A$3.02 by yesterday on the ASX.
Shares in Seven Network gained A13c to reach A$6.29.
The deal was announced to the Australian stock exchange by both companies after the close of share trading on Thursday.
As part of the agreement, two Seven representatives have been appointed to the ConsMedia board, directors Ryan Stokes and Peter Gammell.
- AAP
ConsMedia shares drop
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