Regulator Opposes Seven's Proposed Bid For Consolidated Media

   By Ross Kelly 
 

SYDNEY--Australia's competition regulator said Thursday it would oppose any move by Seven Group Holdings Ltd. (SVW.AU) to launch a takeover bid for cable television investor Consolidated Media Holdings Ltd. (CMJ.AU).

The regulator's decision removes a possible rival bidder for Consolidated Media, which is already the subject of a 1.94 billion Australian dollar (US$1.98 billion) offer from News Corp. (NWS), owner of this newswire.

The Australian Competition and Consumer Commission, or ACCC, first expressed reservations about a Seven Group move in a preliminary assessment last month.

Seven is an investor in Seven Network, Australia's most popular free-to-air television channel. Consolidated Media owns 25% of pay television company Foxtel and 50% of Fox Sports.

"The ACCC concluded that the proposed acquisition is likely to result in a substantial lessening of competition in the market for free-to-air television services," the regulator said in a statement.

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