The Murdochs moved a step closer to completing a TV takeover deal today as it gained regulatory approval. No, not that one.
The Australian Competition and Consumer Commission (ACCC) said it would not oppose the acquisition of Ten Network by a consortium led by Rupert Murdoch’s son, Lachlan.
The deal will see Bruce Gordon’s Birketu and Lachlan Murdoch’s Illyria each take a 50 per cent stake in Ten.
The regulator’s chairman, Rod Sims, said: “The ACCC considers that this deal is unlikely to result in a substantial lessening of competition in any relevant market, despite it lessening competition via a greater alignment of Mr Murdoch’s, Mr Gordon’s, and Ten’s interests.”
The ACCC’s clearing of the deal comes at a time when the Murdoch family’s 21st Century Fox is awaiting backing in the UK for its takeover of Sky.
Specifically, the US company is waiting to hear whether the government will formally refer the deal for a full Competition and Markets Authority (CMA) probe to investigate media plurality concerns.