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ACCC approves News Limited-ConsMedia takeover

By  |  October 11, 2012

The Australian Competition and Consumer Commission (ACCC) announced today that it would oppose the proposed acquisition by Seven Group Holdings (Seven), a diversified investment group, of the balance of shares of Consolidated Media Holdings (CMH). The ACCC concluded that the proposed acquisition is likely to result in a substantial lessening of competition in the market for ‘free to air television services’. According to the report, Seven owns 25.3% of the shares in CMH and around 33% of the shares in Seven West Media (Seven Network). CMH owns 50% of FOX SPORTS Australia (FOX SPORTS) and, indirectly, 25% of FOXTEL. The proposed acquisition would put Seven Network in a position of advantage over other free to air networks.

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