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The fierce competitive battle over the decades between the Rupert Murdoch and Kerry Packer is part of the legend and lore of the land from down under. So the announcement by sons Lachlan Murdoch and James Packer that they're negotiating a deal to take one of the largest media companies in Australia private, has the nation and world buzzing.

While the two have had a couple of comparatively small deals in partnership before, normally they're extremely competitive against each other. The size of this deal is what makes it such a compelling story.

The details of the deal would be an offer of $3.3 billion for Consolidated Media Holdings. Assuming the deal goes through, the company would be taken private. Lachlan Murdoch would assume the role of executive chairman of the company.

One activist shareholder, Stephen Mayne wants to know where the financing of the venture is coming from.

"The big question is whether Rupert has given him some money or whether any of the other Murdoch children have given him some cash, or whether he has got the support of it outside private equity firm, or whether indeed James Packer is helping Lachlan Murdoch fund this deal," he said.

"I think Kerry Packer would be disappointed at the way that James Packer has turned his back on the media empire that standed generations, and I think finally, selling out to a member of the Murdoch family would be equally disturbing," Mayne added.

From the Murdoch way of looking at it, he thinks Rupert will be proud of his son fighting his way back into the industry since he left News Corp. (NYSE:NWS-A). Lachlan still sits on the News Corp. board, even though he left the company.

James Packer already owns a 38 percent stake in Consolidated. The company also has minority positions in Foxtel, Fox Sports and PBL Media.