The Australian Competition and Consumer Commission today announced that it would not oppose the proposed acquisition by News Corporation of 100 per cent of the shares in Consolidated Media Holdings Limited (CMH).
CMH has a 50 per cent shareholding in FOX SPORTS Australia, which owns 50 per cent of the shares in FOXTEL.
"The ACCC's view is that this acquisition is unlikely to lead to a substantial lessening of competition in any relevant market," ACCC chairman Rod Sims said.
"The ACCC noted that News Corporation already owns 50 per cent of FOX SPORTS Australia. 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," Mr Sims said.
The ACCC is continuing to assess the proposed acquisition of 100 per cent of the shares in CMH by Seven Group Holdings Limited.