ACCC Delays Call On Seven Group Proposal For Consolidated Media

   By Gavin Lower 
 

MELBOURNE--Australia's competition regulator has sought more information from Seven Group Holdings Ltd. (SVW.AU) on its proposal to acquire all the shares it doesn't already own in Consolidated Media Holdings Ltd. (CMJ.AU), the company News Corp. (NWS.AU) is seeking to take over for 1.97 billion Australian dollars (US$2.05 billion).

News Corp. has bid A$3.50 a share to acquire Consolidated Media.

Seven Group owns 24% of Consolidated Media, which owns 25% of Australia's Foxtel pay television company and 50% of sports channel Fox Sports, and has asked the Australian Competition & Consumer Commission to review the proposal to buy up the remaining shares in the company.

The ACCC says on its website that it has sought more information from Seven on the proposal and suspended the timeline for its decision, with a new decision date to be announced "in due course."

News Corp. is the owner of this newswire and owns 25% of Foxtel, while Telstra Corp. (TLS.AU) owns the remaining 50% of Foxtel.

The ACCC is also reviewing News Corp.'s bid for Consolidated Media and is due to announce its findings on Aug. 2.

Write to Gavin Lower at [e-mail]

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