Mystery buying continues in Cons Media

Seven Network chairman Kerry Stokes is speculated to be behind the latest purchase of a parcel of Consolidated Media Holdings shares valued at $28 million as James Packer confirms he has lifted his stake in the company to nearly 41 per cent.

A parcel of just under 10.5 million shares at $2.68 each, or a total of about $28.13 million, went through through at about 1448 AEST.

Earlier today, Cons Media director Mr Packer confirmed he had increased his stake after Mr Stokes last week increased his interest in the media compa y to 18.32 per cent, from under 5 per cent.

Mr Stokes' share buy-up prompted Mr Packer to reaffirm his commitment to Cons Media, through two forays into the share market.

Late yesterday, Mr Packer bought 10 million shares for $26.5 million, or $2.65 each, adding to a parcel of 9.68 million shares he secured last week for a total of $24.76 million.

His interest in Cons Media now stands at 281.18 million shares or 40.77 per cent.

Mr Stokes has not yet revealed his intentions for Cons Media but he is expected to seek a board seat and could be preparing the way for a full takeover of the company down the track.

Its a similar path Mr Stokes took with West Australian Newspapers Holdings last year, where he is now chairman and major shareholder with about a 23 per cent interest.

While Mr Packer's business interests have been focussed on his gaming and wagering operations his actions over the past week signals he remains committed to Cons Media.