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KERRY Stokes' Seven Group has upped the stakes in the battle for control of Consolidated Media, reportedly warning the competition regulator it wants to buy more shares in the company.

The Seven Group chairman signalled his intention to thwart Rupert Murdoch's $2 billion offer for ConsMedia when his company lodged a request with the competition regulator late on Friday for an informal review.

Seven already holds 24 per cent in the pay-TV takeover target, while James Packer owns just over 50 per cent and is friendly to offers from Murdoch's News Ltd.

Questions surround Mr Stokes' motivations and whether he actually wants full control of ConsMedia or is pressing News Ltd for a higher price.

Analysts also say the issue might bring Mr Stokes' conflicting media and mining services investments to a head.

Seven already carries as much as $1.8 billion of debt - a high level, even before he gets into a bidding war with Mr Murdoch, Fat Prophets media analyst Greg Fraser said.

Mr Stokes bought his way into pay TV through the ConsMedia stake after losing a $200 million legal battle against other media players in 2007 for control in the industry.

That case ended badly with him having to pay costs and might well be driving a possible bid for the rest of ConsMedia, Mr Fraser said.

ConsMedia's pay TV investments, including 25 per cent of Foxtel and 50 per cent of Fox Sports, are not as affected by the weak advertising market hitting other media because they rely on subscriptions.

Seven could sell some of its investments to finance the bid, including its diverse range of construction and mining equipment businesses and its shares in Telstra.

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Stokes eyes more of ConsMedia