CAESARS Entertainment Corporation and Gungho Entertainment Holdings, Inc. enter into a Letter of Intent to Acquire Media Entertainment Group Inc.

News Corp Australia has acquired gunghoi entertainment and caesars television network in a deal valued at $1.2 billion.

The acquisition is a significant coup for the company, which is aiming to be the dominant player in Australia’s entertainment sector and has previously been a partner of Fox Sports.

“Gungho will be able to compete in the marketplace and offer entertainment content across all media platforms in Australia and the world,” News Corp said in a statement.

“Its ability to provide the world with high quality entertainment content will provide great value for shareholders.”

Gunghoi is owned by private equity firm CVC Capital Partners, which also owns the majority of cable channel BAMTRA.

The company, founded in 2012, has produced a wide range of films and TV shows including The Last Dragon, The Last Unicorn, The Queen, and The Big Short.

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