News Corp’s proposed acquisition scrutinised by ACCC

Company News

by David Chau

News Corporation (ASX:NWS) wants to acquire one of the largest newspaper publishers in regional Queensland and northern NSW.

That publisher is Australian Regional Media (ARM), and it's currently owned by APN News and Media (ASX:APN).

Currently, the ACCC is seeking feedback in regards to this proposed acquisition. It's investigating what effect this acquisition would have on competition for readers and advertisers.

The ACCC will be accepting submissions from industry participants until 27 October. On the current timetable, the regulator expects to make its decision by 1 December.

News Corp posted a net profit of $336.7 million at 30 June 2016.

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