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Fairfax cleared to acquire the Times Media Group

Media Release

Issued 14 October 2005/no 041

Fairfax cleared to acquire the Times Media Group

The Commerce Commission has cleared Fairfax New Zealand Limited to acquire the Times Media Group Limited mastheads the Rodney Times, the Coaster and the Outlook and associated assets.

Commission Chair Paula Rebstock said that the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition.

Times Media Group is a privately owned company established in 1917. It publishes two community newspapers and a property advertising publication in the Rodney region.

Fairfax New Zealand Limited is a wholly owned subsidiary of Australian company John Fairfax Holdings Limited (publisher of metropolitan newspapers in Sydney and Melbourne, and also of Australia's Financial Review). Fairfax established its New Zealand operation in 2003 with the purchase of the publishing assets of Independent Newspapers Ltd.

A public version of the written decision will shortly be available on the Commission’s website, www.comcom.govt.nz under Public Registers.

ENDS

Commission media releases can be viewed on its web site www.comcom.govt.nz

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