The Australian Competition and Consumer Commission (ACCC) has announced that it will not oppose the proposed acquisitions by Foxtel and Ten Network.
The ACCC’s decision is limited to Foxtel’s proposal to acquire up to 15 per cent of Ten, Ten’s proposal to acquire a 24.99 per cent stake in Foxtel’s advertising agency Multi-Channel Network (MCN), and Ten’s option to acquire 10 per cent of Presto (a joint venture between Foxtel and the Seven Network).
“While the acquisitions will lead to a greater alignment of Foxtel’s and Ten’s interests, and will increase the degree of influence Foxtel has over Ten, the ACCC considers that the proposed acquisitions, on their own, are unlikely to result in a substantial lessening of competition,” ACCC Chairman Rod Sims said.
“The ACCC has not found sufficient evidence to establish a link between these minority acquisitions and the competition concerns raised by market participants. We will, however, closely examine any future increases in these shareholdings, including where this is made possible through changes to the existing media diversity and control rules.”