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.
Write to Ross Kelly at ross.kelly@wsj.com
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