Australian regulators are preparing to investigate James Packer’s share raid on Ten Network Holdings Ltd
(ASX:TEN). This week James Packer secured an 18 per cent stake in the network and according to Fairfax Media the Australian Competition and Consumer Commission has advised they will look into the purchase to determine what impact it will have on competition in the industry.
The paper reports that the commission’s statement comes following speculation that Mr Packer could axe One HD, Ten’s digital sports channel, and instead broadcast a free-to-air version of Rupert Murdoch's Sky news service.
Fairfax says this move would rid Foxtel of one of its competitors, Foxtel being a pay TV network Mr Packer jointly owns with Mr Murdoch's News Limited and Telstra Corporation Ltd (ASX:TLS).
Chairman Nick Falloon has welcomed Mr Packer as the networks newest shareholder but not as yet speculated on what changes could ensue, advising the two men will meet in the near term.
Ten Network Holdings rebounded from a loss in the half year to the 28 February 2010, booking a $58.7 million profit.
