13 Sep 2010

Fiji Times buyout by Fiji Sun still possible

2:45 pm on 13 September 2010

The way appears to still be open for a Fiji Sun buyout of the Fiji Times.

The Fiji Sun's Chief Executive officer says he's been told by the Chairman of the Commerce Commission it is strongly opposed to a monopoly situation but if there's no other buyer and the Times is at risk of closing then the Sun's bid would be reconsidered.

The Commission's Chairman Mahendra Reddy earlier told FBC News, Fiji law does not allow mergers or takeovers that would lead to a monopoly entity.

90 percent of Fiji Times shares must be sold by a September 28th deadline after the Fiji regime decreed a limit on foreign ownership of the media.

The Fiji Sun's CEO, Peter Lomas, says under Sun ownership, the two papers would operate as separate entities targeting separate readership markets.