Fairfax Media
(ASX:FXJ) says the New Zealand Commerce Commission (NZCC) has declined its proposed merger with Fairfax New Zealand Limited and NZME Limited.
Fairfax Media is disappointed and will take time to review the NZCC’s reasons for the decision.
Fairfax Media’s CEO says the NZCC failed has New Zealand, in blocking two local media companies from gaining scale and resources necessary to compete.
In light of the decision, the company will need to give an even greater focus to cost efficiency.
Shares in Fairfax Media
(ASX:FXJ) are trading 0.78% lower at $1.07.
