ACCC clears Foxtel Austar merger

Company News

Australia’s competition regulator has given the green light for Foxtel’s planned $1.9 billion bid for regional pay-TV provider, Austar United Communications Limited (ASX:AUN).

Foxtel’s high-profile shareholders include Telstra Corporation Limited (ASX:TLS), News Corporation (ASX:NWS) and Consolidated Media Holdings Limited (ASX:CMJ).

Telstra has welcomed the Australian Competition and Consumer Commission’s clearance, claiming it's a win for consumers.

Foxtel expects to complete the merger by the end of next month. 

Telstra recorded a net profit of $1.5 billion for the first half of its 2012 financial year.