Kerry Stokes' Seven Network has lifted his stake in James Packer's Consolidated Media Holdings to the maximum level allowed before launching a takeover.

Mr Stokes confirmed on Thursday he had spent $29.48 million buying a further 11 million shares on Wednesday, taking his stake in Cons Media to 19.91 per cent, from 18.32 per cent.

The Seven chairman is now expected to declare his intentions - whether he will launch a takeover or use creep provisions to increase his stake slowly every six months.

Mr Packer on Wednesday confirmed he had raised his stake in Cons Media by 1.04 per cent to 40.77 per cent following a jump by Mr Stokes last week to 18.32, from less than five per cent.

Mr Stokes is expected to seek a board seat at Cons Media and is rumoured to be interested in having a say in any break up of pay-TV Foxtel, partly owned by Cons Media.

While Mr Packer's business interests have focused on his gaming and wagering operations his actions over the past week have reaffirmed his commitment to Cons Media.

AAP