Regulator Mulls Changes To Foxtel, Austar Takeover Proposal
07 Mars 2012 - 12:25AM
Dow Jones News
Australia's antitrust regulator said Wednesday that Foxtel has
presented it with an undertaking to address competition concerns
related to its proposed A$1.9 billion (US$2.0 billion) acquisition
of Austar United Communications Ltd. (AUN.AU).
The Australian Competition and Consumer Commission said it will
either accept or reject the proposed undertaking following market
consultation. It said it has set a tentative decision date of March
29.
The terms of the undertaking say that Foxtel will be prevented
from entering into certain exclusive content agreements.
"By reducing content exclusivity, the proposed undertaking aims
to lower barriers to entry and promote new and effective
competition in telecommunications and subscription television
markets," the ACCC said in a statement.
Austar said the undertakings are aimed at resolving the ACCC's
competition concerns about the deal.
Foxtel is 50% owned by Australian telecommunications giant
Telstra Corp. (TLS.AU) and 25% each by News Corp. (NWS), the owner
of this newswire, and Consolidated Media Holdings Ltd.
(CMJ.AU).
-By Ross Kelly, Dow Jones Newswires; +61-2-8272-4692;
Ross.Kelly@dowjones.com
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