Rupert Murdoch's Australian arm, News Ltd, has cleared the final hurdle to double its stake in Foxtel after being granted federal court approval for the $1.94 billion takeover deal on Friday.
Consmedia shares have been suspended from trading following the lodgement of court orders with the securities watchdog.
Consolidated Media's shareholders approved the deal on Wednesday, leaving it to be wound up next week.
The company's three executive staff and clerical employees will be made redundant within a fortnight.
Earlier this month the competition regulator ruled out a potential rival bid by the Seven Group.
Consolidated Media now holds a 50 per cent stake in pay TV channel producer Fox Sports and 25 per cent of Australia's largest TV operator Foxtel.
Shareholders will receive $3.45 per share under the scheme which becomes effective on November 12.
Australian Competition and Consumer Commission chairman Ron Sims has said the watchdog believed the acquisition was unlikely to lead to a substantial lessening of competition.