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Australia: ACCC opposes acquisition of Consolidated Media Holdings by Seven Group Holdings

By  |  October 11, 2012
Australia: ACCC opposes acquisition of Consolidated Media Holdings by Seven Group Holdings

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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    Full Content: ACCC

    Related Content: The Australian Approach to Competition Law Compliance Programs

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