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 is a senior finance journalist and presents the Market Outlook, Market at Midday and Market Wrap. She also presents ASX company news and interviews CEOs. She joined FNN in January 2017 with six years of broadcast journalism experience. She worked as a journalist and producer with Sky News Business, ABC 1, ABC's The Business and ABC24. She also worked in regional Australia for Prime 7 and WIN News as a TV reporter. In her prior life she worked as a financial planner.