Lachlan Murdoch is poised to make a comeback in the Australian media sector after joining forces with James Packer to take private the remnants of the late Kerry Packer’s media empire.

Under a A$3.31bn (US$2.85bn) indicative offer announced on Monday, the scions of two of Australia’s most prominent families would each control 50 per cent of Consolidated Media Holdings. The business was built by Kerry Packer but dismantled by James over the past 18 months.