24 Dec 2011

Australia TV takeover approved

8:10 am on 24 December 2011

Australian Federal Treasurer Wayne Swan has approved a takeover of regional pay TV operator Austar by Foxtel under foreign investment laws.

The ABC reports the $A2.5 billion deal still needs to be approved by the Australian Competition and Consumer Commission.

Foxtel is half-owned by Telstra. Consolidated Media Holdings and News Corporation each have a 25% stake.