Aus­tralian reg­u­la­tor clears Fair­fax Me­dia, Nine merger

The Press - - Business -

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 chief ex­ec­u­tive Greg Hy­wood said he ex­pected Mon­day, December 10 would be the ‘‘of­fi­cial kick-off day of the new merged com­pany’’. 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.

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