Seven Group ConsMedia bid delayed by ACCC

Company News

Seven Group Holdings Limited’s (ASX:SVW) possible acquisition of Consolidated Media Holdings Limited (ASX:CMJ) has raised some concerns for Australia’s competition regulator.

The Australian Competition and Consumer Commission says it has not yet issued a ruling on the proposed acquisition but its concerns surround the free to air market where Channel Seven holds a great deal of market share via its stake in Fox Sports Australia and other commercial arrangements in relation to sports rights.

The regulator has called on further market submissions on the possible takeover.

Seven Group Holding generated a net profit of $176.7 million in the 2012 financial year.

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