By Gavin Lower
MELBOURNE--Australia's competition regulator has sought more
information from Seven Group Holdings Ltd. (SVW.AU) on its proposal
to acquire all the shares it doesn't already own in Consolidated
Media Holdings Ltd. (CMJ.AU), the company News Corp. (NWS.AU) is
seeking to take over for 1.97 billion Australian dollars (US$2.05
billion).
News Corp. has bid A$3.50 a share to acquire Consolidated
Media.
Seven Group owns 24% of Consolidated Media, which owns 25% of
Australia's Foxtel pay television company and 50% of sports channel
Fox Sports, and has asked the Australian Competition & Consumer
Commission to review the proposal to buy up the remaining shares in
the company.
The ACCC says on its website that it has sought more information
from Seven on the proposal and suspended the timeline for its
decision, with a new decision date to be announced "in due
course."
News Corp. is the owner of this newswire and owns 25% of Foxtel,
while Telstra Corp. (TLS.AU) owns the remaining 50% of Foxtel.
The ACCC is also reviewing News Corp.'s bid for Consolidated
Media and is due to announce its findings on Aug. 2.
Write to Gavin Lower at gavin.lower@wsj.com
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