3 Aug 2012

No objection by ACCC to media bid

10:34 am on 3 August 2012

The Australian Consumer & Competition Commission will not oppose a bid by News Corp for Consolidated Media Holdings, saying it's unlikely to substantially lessen competition in pay-television.

News Corp has offered $A2 billion for Consolidated Media, at $A3.50 per share.

If successful, the bid would double its stake in Foxtel to 50% and give it 100% of Fox Sports.

In a counter bid, Seven Group Holdings has asked the ACCC to review a proposal that it buy all Consolidated Media shares it does not currently own.

The commission says it's still assessing that proposal.

Seven Group Holdings is controlled by billionaire Kerry Stokes holds a stake of 24% in Consolidated Media. James Packer owns just over 50%.