Consolidated Media Holdings shareholders will get to vote on a $1.94 billion takeover bid by Rupert Murdoch's News Limited at a special meeting in October.
CMH issued a 188-page booklet outlining details of the offer and the October 29 meeting today, which will be held half an hour before the company's annual general meeting in Perth.
Writing to shareholders, executive chairman John Alexander said CMH's directors unanimously recommended that investors vote in favour of the News Ltd offer, in the absence of a superior offer.
"It is the view of the CMH directors that a superior proposal is unlikely to emerge prior to the scheme meeting," the booklet said.
"CMH's share price may fall if the scheme is not approved."
Mr Alexander said CMH's deputy chairman and major shareholder James Packer intended to vote in favour of the deal, in the absence of a superior cash proposal.
"The other CMH directors who hold or control CMH shares being Mrs Rowena Danziger, Mr Christopher Mackay and myself intend to vote in favour of the scheme resolution in respect of all our CMH Shares, in the absence of a superior proposal," he wrote.
Details of the meeting came more than a week after the competition watchdog delayed making a decision on a potential rival offer for CMH being made by Kerry Stokes' Seven Group.
The Australian Competition and Consumer Commission (ACCC), which has already cleared the News Ltd bid, said any offer by Seven could raise concerns in the free-to-air television market, particularly in relation to sports rights.
The watchdog is due to make a decision on Seven's possible bid by October 11.
Although Seven has not made a bid, in June it asked the ACCC to look into regulatory concerns that could be sparked if it moved to increase its current 24 per cent stake in CMH.
CMH - majority owned by Mr Packer's Consolidated Press Holdings - holds a 50 per cent stake in pay TV channel producer Fox Sports and 25 per cent of Australia's largest pay TV operator Foxtel.
