News Corp’s Fox Sports and co-owned Foxtel get merger green light

Company News

by Jessica Amir

The Australian Competition and Consumer Commission (ACCC) has green lighted the proposed merger with News Corp’s (ASX:NWS) owned, Fox Sports and Foxtel, which is owned 50/50 with Telstra (ASX:TLS).

The proposed merger with Foxtel and Fox Sports, will see News Corp hold 65 per cent of the entity and Telstra to hold 35 per cent.

The ACCC says the merged entity will also ink a number of deals with Telstra.

The competition watchdog had been reviewing the merger since 12 Oct 2017 and says the changed ownership structure ‘was unlikely to substantially lessen competition in the market’.

Shares in News Corp (ASX:NWS) are trading slightly lower, 0.05 per cent down at $21.85.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.