Australia: Regulator clears Murdoch to buy Ten Network

Australia’s antitrust regulator cleared on Thursday, August 24, a consortium led by News Co-Chairman Lachlan Murdoch to buy free-to-air television broadcaster Ten Network Holdings, saying the move would not harm competition.

Australian Competition and Consumer Commission Chairman Rod Sims said that while the deal would reduce diversity of opinion in a market already dominated by a handful of companies including News, it would not “substantially lessen competition”.

The Australian government has proposed liberalizing media ownership laws including removing the so-called “two out of three” rule, which prevents a single party from owning print, radio and television assets in the same market.

The Ten deal relies on the government succeeding in that plan, with a bill passed by the lower house of parliament but facing opposition in the senate.

Sims did not say whether or how a Murdoch-led Ten buyout would align with current rules, since Murdoch owns a radio station and NewsCorp publishes about two-thirds of the country’s newspapers.

Full Content: Financial Times

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