Australian regulator clears Fairfax Media, Nine merger

The proposed takeover of Stuff Ltd’s Australian parent company, Fairfax Media, by Australian television firm Nine Entertainment has cleared its key regulatory hurdle. The deal is expected to be wrapped up in a month. In a ruling issued yesterday, the Australian Competition and Consumer Commission said the takeover was unlikely to substantially lessen competition in the creation and provision of Australian news. The merger, which is still subject to approval by Fairfax shareholders, would see Nine shareholders emerge with 51.1 per cent of the combined entity. Fairfax shareholders are due to vote on the merger on November 19, and the deal also needs to be approved by Australia’s Federal Court at a hearing scheduled for November 27.