ACCC clears News  bid for ConsMedia
ACCC clears News bid for ConsMedia

The competition watchdog has cleared the way for Rupert Murdoch's News Corporation to buy Consolidated Media Holdings.

The Australian Competition and Consumer Commission today said it would not oppose the $2 billion deal.

The deal would enable Mr Murdoch to take control of ConsMedia's 25 per cent stake in pay TV provider Foxtel and its half of Fox Sports.

News already owns 25 per cent of Foxtel and half of Fox Sports.

ACCC chairman Rod Sims said the watchdog believed the acquisition was unlikely to lead to a substantial lessening of competition in any relevant market.

"The ACCC noted that News Corporation already owns 50 per cent of Fox Sports Australia," Mr Sims said in a statement.

"Given that News Corporation has no interests in other free-to-air or subscription television entities in Australia, the ACCC considered that the proposed acquisition was unlikely to materially change News Corporation's incentives in relation to the supply of content in Australia."

Meanwhile, the ACCC continues to assess a rival offer for ConsMedia by Seven Group Holdings.

Seven in June signalled its intention to thwart News Corp's offer for ConsMedia.

Seven, which owns the free-to-air Seven Network, already holds a 24 per cent stake in the James Packer-controlled ConsMedia.

However, the ACCC last week requested more information from Seven about its planned bid

The West Australian

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