News Corp, the company controlled by Rupert Murdoch, has gained regulatory approval to buy Consolidated Media Holdings in a A$2 billion ($2.58 billion) deal.
The proposed deal won't be opposed as it is "unlikely to lead to a substantial lessening of competition" the Australian Competition and Consumer Commission said yesterday.
Consolidated Media's controlling shareholder, James Packer, has already indicated he approves of News Corp's A$3.50 a share cash offer.
The decision gives News Corp a head start on Seven Group Holdings, the media and construction equipment group controlled by Kerry Stokes, which is also seeking regulatory clearance to bid.
The ACCC said last month it would delay a decision on Seven Group being allowed to make an offer for Consolidated, which owns a 25 per cent stake in pay-TV business Foxtel. News Corp. already owns 25 per cent of Foxtel.
