Consolidated Media Holdings Limited (ASX:CMJ)
has announced Foxtel and Austar United Communications Limited (ASX:AUN)
have completed their merger transaction.
Foxtel received Australian Competition and Consumer Commission approval for the $2 billion takeover in April.
Foxtel’s chief says, the scale of the new business means it will have the resources to keep innovating and improving its services.
Telstra Corporation Limited (ASX:TLS)
has a 50 per cent stake in the pay-tv provider with the remainder equally divided by News Corporation(ASX:NWS)
and Consolidated Media.
Consolidated Media Holdings posted a net profit of $42.1 million in the first half of the 2012 financial year.