Lachlan Murdoch’s attempt to resurrect his A$3.3bn (US$3.04bn) purchase of Australia’s Consolidated Media Holdings moved a step closer Friday night as his private company sought to sign up Providence Equity Partners as a new equity backer.

The planned media sector comeback of Rupert Murdoch’s eldest son stumbled last month after Lachlan lost the support of SPO Partners. The withdrawal of the private San Francisco firm meant that Lachlan Murdoch could no longer finance his half share of the CMH takeover.