Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

ACCC ok with News Corp moving to control Foxtel

Australian antitrust regulator has no qualms with News bid for Consolidated Media

By Paul McBeth

Aug. 2 (BusinessDesk) - The Australian Competition and Consumer Commission won't oppose News Corp’s A$1.97 billion takeover bid for rival Consolidated Media Holdings which would give the Rupert Murdoch-controlled media group control of Australia's biggest pay-television business Foxtel.

The Australian antitrust regulator decided News Corp acquiring ConsMedia, which is controlled by billionaire James Packer, won't lead to a substantial lessening of competition, as the pay-TV operator doesn't have other broadcast interests across the Tasman.

"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," chairman Rod Sims said in a statement.

ConsMedia holds a 50 percent stake in Fox Sports Australia and a quarter-stake in pay-TV operator Foxtel. News already owns half of Fox sports and 25 percent of Foxtel.

The ACCC is still looking at Seven Group's bid to head off the News takeover with its own offer, though it may be problematic due to Seven's existing television network. Kerry Stokes' Seven Group already holds a quarter of ConsMedia and can block the News bid.

The News bid came a week before the Murdoch-controlled group announced plans to split its operations into two separately listed companies along print and broadcasting lines.

The company, which is the biggest shareholder of New Zealand's Sky Network Television, landed itself in hot water when its British unit was embroiled in a phone-hacking scandal that's resulted in Parliamentary hearings, and criminal charges being laid.

More recently, News' Australian business unveiled restructuring that will slash its divisions to five from the existing 19, and shift its focus towards digital and pay-TV operations. The move was in reaction to dwindling print advertising revenues which saw dramatic cuts at rival Fairfax Media which require 1,900 redundancies over the next few years.

Shares in News rose 0.6 percent to A$22.10 on the ASX, while ConsMedia stock gained 0.3 percent to A$3.44, a 1.7 percent discount to the takeover price.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Consumer NZ: Bank Complaints On The Rise, Survey Shows

Nearly one in five Kiwis had a problem with their bank in the past year, Consumer NZ’s latest satisfaction survey finds. Consumer NZ chief executive Jon Duffy said the number of bank customers reporting problems had jumped to 18%, up from 11% in 2020... More>>

Federated Farmers: Applauds UK-Australia Free Trade Deal

News that Australia and the UK have signed a free trade agreement is a promising step forward in the fight against tariffs and protectionism, Federated Farmers says.
"It reinforces the international rules-based trading framework and is important for rural producers and global consumers," Feds President Andrew Hoggard says... More>>



REINZ May Data: House Price Rises Continue; Auckland Hits New Record Median Price Again

Median prices for residential property across New Zealand increased by 32.3% from $620,000 in May 2020 to $820,000 in May 2021, according to the latest data from the Real Estate Institute of New Zealand (REINZ), source of the most complete and accurate real estate data in New Zealand... More>>


Stats NZ: GDP Climbs 1.6 Percent In March 2021 Quarter Following December Dip

Gross domestic product (GDP) rose by 1.6 percent in the March 2021 quarter, following a 1.0 percent fall in the December 2020 quarter, Stats NZ said today. "After an easing of economic activity in the December quarter, we’ve seen broad-based growth in the first quarter of 2021... More>>

Reserve Bank: Debt Serviceability Restrictions Added To Policy Toolkit

The Reserve Bank – Te Pūtea Matua and the Minister of Finance have agreed to update their shared Memorandum of Understanding (MoU) on macro-prudential policy and add debt serviceability restrictions to the list of potential tools available... More>>


Auction: 1.4 Million In Rare Vintage Watches, Gems, Jewels & Diamonds Go Under The Hammer At Webb’s

An auction event showcasing over 1.4 Million dollars in rare jewels, gems, diamonds and vintage watches is due to take place this Sunday by Auckland based auction house Webb’s... More>>