Foxtel completes Austar aquisition

Company News

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.